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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 homeowners, Retail Ecommerce Ventures, need to use its supposed cachet amongst traders and getting older, conservative execs to enter the world of cryptocurrency. The firm seems to be creating an exchange-like platform designed to make it easy to invest in coins created by future associate firms, 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 gap and ‘cross the chasm’ of mainstream usage for cryptocurrency,” they write, including, “The need for a bridge between the CEOs who control the world’s corporations and the new world of cryptocurrencies will most likely come in the form of a well-known, century-old brand. RadioShack is perfect.”

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

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“One brand like Pier 1 launching their own proprietary token on the RadioShack swap adds instant swap trading fee revenue and creates case studies for RadioShack swap to go out and bring in more enterprise brand customers,” in accordance to the web site.

Of course, RadioShack and its sibling retailers aren’t the first legacy manufacturers to bounce on the blockchain bandwagon. Here are just a few others which have tried the crypto pivot.

Kodak

Kodak, the as soon as massively 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 bounce in Kodak’s inventory worth at the time.

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

Long Island Ice Tea

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

Never as profitable as its namesake cocktail, the firm, in 2017, determined to change its title to Long Blockchain, by no means thoughts that its enterprise didn’t but comprise any obvious blockchain components. The inventory worth soared briefly however wasn’t sustainable, and its complete market worth wasn’t excessive sufficient to preserve it listed on Nasdaq. And final yr, the Securities and Exchange Commission sued three individuals alleging insider trading based mostly on advance information of the title change.

AMC

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

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Likely realizing that there’s an overlap between meme inventory patrons and cryptocurrency followers, AMC has embraced letting moviegoers purchase tickets with quite a lot of digital currencies, together with Bitcoin and Ethereum. “Dogecoin next,” CEO Adam Aron tweeted in November.

Honorable Mention: PepsiCo

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

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

The PepCoin promotion ended last year.

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