In 2018 Kodak announced a new project related to a new cryptocurrency, KODAKCoin.
The company seemed to have come to the end of its way in the business world, but this project seemed to revive it.
For example, the value of its shares, which fell from $ 34.7 to $ 3.1 in approximately four years, increased to $ 7.9 in January 2018, but then fell again to approximately $ 3 in July of that year, and then fell to $ 2.4 in October. .
Since then, the value of the shares has dropped further, reaching a low of $ 1.7 during the collapse of the financial markets in mid-March 2020.
Compared to December 2013, this was a loss of over 95%.
However, on Tuesday, July 28, the price increased in a single day from around $ 2.5 to over $ 7, and then took off yesterday reaching the incredible amount of $ 55, after which it dropped back to around $ 31.
In other words, gained 1,140% in two days. Not even Bitcoin has done that much.
Alphaville revealed the reason for this jump on the Financial Times website: CEO of the United States Finance Corporation for International Development (DFC), Adam Boehler, will sign a letter of interest to provide a $ 765 million loan Eastman Kodak Company (Kodak) to support the launch of Kodak Pharmaceuticals, a new branch of the company that will produce essential pharmaceutical components.
The initiative is the first of its kind taken by the DFC since President Trump's recent executive order allowing the company, along with the United States Department of Defense (DOD), to work together to support the national response to the Coronavirus emergency under the Defense Production Law (DPA).
In other words, thanks to public funds, Kodak will resurrect doing something he had never done before: produce drugs.
Kodak, the cryptocurrency after the cameras
Kodak was the undisputed protagonist of analog photography in the past, but was literally cut off the market by the entry of digital cameras first and smartphones later.
Since then, the company has tried to reinvent itself, but without success, as evidenced by the failure of the KODAKCoin project. In fairness, the project was not explicitly declared abandoned, but the KODAKCoin token that was supposed to launch in 2018 doesn't exist, and the official roadmap was halted in August of last year.
It's hard to imagine if the company will recycle some of the work done at KODAKCoin for new pharmaceuticals, but the failure of this initiative says a lot about how often the words blockchain, cryptocurrency, or token are used inappropriately just as simple marketing tools. .