Kodak announced recently they were coming out with a cyrptocurrency for photographers. One day later, Kodak stock has soared upwards more than 70%.

The new coin, KodakCoin, will be used on the company’s KodakOne product, which is intended to be used for photo rights and royalties tracking.

The company announced Tuesday they intend to move forward with an ICO later this month.

The move might be what the aging 130 year old industrial company needs to stay relevant. With the rise of digital media, Kodak has been looking for a path to stay relevant, and this could be their ticket.

The concept definitely seems to suite Kodak. Time will tell if this will work out for them or not, but I think it’s a good way for them to stay relevant in today’s digital world.