RadioShack becomes the latest brand to ‘pivot to crypto’

p 1 90710449 radioshack becomes the latest brand to pivot to crypto

The brand’s U.S. shops have since largely shut down, however now, RadioShack’s present house owners, Retail Ecommerce Ventures, need to use its supposed cachet amongst traders and getting old, conservative execs to enter the world of cryptocurrency. The corporate seems to be creating an exchange-like platform designed to make it easy to invest in coins created by future companion corporations, together with different well-known retail manufacturers, in addition to its personal digital token referred to as, naturally, RADIO.

“RadioShack is uniquely positioned to bridge the hole and ‘cross the chasm’ of mainstream utilization for cryptocurrency,” they write, including, “The necessity for a bridge between the CEOs who management the world’s firms and the new world of cryptocurrencies will most certainly are available the type of a well known, century-old brand. RadioShack is ideal.”

The web site, which warns that “it has been introduced to our consideration that imposter accounts could be attempting to imitate the RadioShack crypto launch,” additionally suggests that other brands owned by its guardian firm, together with Pier 1 Imports, Dressbarn, and even pre-crypto collectible coin vendor The Franklin Mint, could get in on the crypto act.

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“One brand like Pier 1 launching their very own proprietary token on the RadioShack swap provides immediate swap buying and selling payment income and creates case research for RadioShack swap to exit and produce in additional enterprise brand clients,” in accordance to the web site.

In fact, RadioShack and its sibling retailers aren’t the first legacy manufacturers to leap on the blockchain bandwagon. Listed below are a couple of others which have tried the crypto pivot.

Kodak

Kodak, the as soon as vastly profitable digicam and movie firm that was amongst the first to detect U.S. atomic bomb testing and even maintained its own unusual calendar system, noticed its fortunes decline with the rise of digital images. In 2018, presumably not wanting to miss one other evolution in the market, it introduced plans to launch a cryptocurrency geared towards photographers.

The announcement of KodakCoin, a reputation that seemingly had a few of RadioShack’s audience humming Paul Simon (“Kodachrome,” get it?) spurred a leap in Kodak’s inventory value at the time.

The mission was widely mocked, nonetheless, and it appears to have since been shut down and scrubbed from Kodak’s web site.

Lengthy Island Ice Tea

A Lengthy Island Iced Tea is the identify of a well-liked cocktail that doesn’t truly comprise iced tea, however a number of booze. And the Lengthy Island, New York, firm, Lengthy Island Iced Tea Corp., made ready-to-drink iced tea and different drinks that didn’t comprise any alcohol, opposite to its evocative identify.

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By no means as profitable as its namesake cocktail, the firm, in 2017, determined to change its identify to Lengthy Blockchain, by no means thoughts that its enterprise didn’t but comprise any obvious blockchain components. The inventory value soared briefly however wasn’t sustainable, and its complete market worth wasn’t excessive sufficient to hold it listed on Nasdaq. And final 12 months, the Securities and Trade Fee sued three folks alleging insider trading based mostly on advance data of the identify change.

AMC

In late 2020, movie show chain AMC was warning that it might need to file chapter after the business was decimated by the coronavirus pandemic. Then, final 12 months, Reddit inventory merchants made AMC one among a number of hovering “meme shares,” letting the firm sell more than $1 billion in shares.

Seemingly realizing that there’s an overlap between meme inventory consumers and cryptocurrency followers, AMC has embraced letting moviegoers purchase tickets with a wide range of digital currencies, together with Bitcoin and Ethereum. “Dogecoin subsequent,” CEO Adam Aron tweeted in November.

Honorable Point out: PepsiCo

In 2019, amid the crypto craze, soda and snack large PepsiCo introduced a program referred to as PepCoin, full with a brand that evoked digital currencies like Bitcoin.

In fact, it wasn’t actually a cryptocurrency: It was the latest variant on the loyalty applications that snack and tender drink distributors have provided for years, giving rewards to clients who usually purchase their merchandise and enter or scan codes discovered on the packaging.

The PepCoin promotion ended last year.