Kodak launched its virtual coin

The Kodak companies, in conjunction with Wenn Digital, will launch its own cryptocurrency called KodakCoin at the end of January, which caused its stock to jump more than 120 percent on the New York Stock Exchange.

KodakCoin will be used on the KodakOne digital platform as a payment method for image rights. This new cryptocurrency will be available next January 31 in the United States, Canada, England, United Kingdom and selected countries.

"With KodakCoin, photographers are invited to be part of a new economy for photography, where they can receive a payment for their work, both for professionals and beginners can sell their work safely," Kodak said in a statement.

The KodakOne platform will create an encrypted digital book of ownership rights, so that photographers can register new and archived jobs that can then be licensed within the platform.

In addition, KodakOne provides a continuous web crawl to monitor and protect the IP of the images registered in that system. When the use of unlicensed images is detected, the KodakOne platform can efficiently manage the post-licensing process to protect photographers.

Following the announcement, the New York Stock Exchange registered an increase in Kodak shares of up to 127 percent, trading up to seven dollars per share.