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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 house owners, Retail Ecommerce Ventures, need to use its supposed cachet amongst traders and getting older, 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 associate firms, together with different well-known retail manufacturers, in addition to its personal digital token known 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 probably 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 may be making an attempt to imitate the RadioShack crypto launch,” additionally suggests that other brands owned by its father or mother 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 charge income and creates case research for RadioShack swap to exit and convey in additional enterprise brand clients,” in accordance to the web site.

After all, RadioShack and its sibling retailers aren’t the first legacy manufacturers to soar on the blockchain bandwagon. Listed below are just a few 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 possible had a few of RadioShack’s audience humming Paul Simon (“Kodachrome,” get it?) spurred a soar in Kodak’s inventory value at the time.

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The venture was widely mocked, nevertheless, 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 really include 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 include any alcohol, opposite to its evocative identify.

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 include any obvious blockchain components. The inventory value 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 Trade Fee sued three folks alleging insider trading based mostly on advance information 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 yr, Reddit inventory merchants made AMC one among a number of hovering “meme shares,” letting the firm sell more than $1 billion in shares.

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Seemingly realizing that there’s an overlap between meme inventory patrons 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 known as PepCoin, full with a brand that evoked digital currencies like Bitcoin.

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

The PepCoin promotion ended last year.

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