Shares of Eastman Kodak surged by as much as 147 per cent on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.

The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called "KODAKCoin" for photographers, part of "KODAKOne", an image rights management platform launched in a licensing partnership with WENN Digital.

The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.