Kodak enters cryptocurrency market with 'KodakCoin'

There's been a surprising new entrant into the cryptocurrency market.

Kodak, the company that made its name in the era of film cameras, is keeping competitive in today's digital market by now offering 'KodakCoin'.

'Cryptocurrency', such as Bitcoin, refers to digital currencies that are 'encrypted' against theft and fraud. 

KodakCoin will allow photographers to track where their images are used and be paid in the digital currency, which they may also exchange for standard cash. 

Shares in Kodak surged in response to the announcement, rising 134 percent. 

The camera giant's stock value had previously been declining over the past year, shedding more than 70 percent of its value. The company had previously declared bankruptcy in 2012.

Kodak was founded almost 130 years ago, in 1888, in New York and invented the first digital camera in 1975. 

Channel 7