Bitcoin and cryptocurrency are the hot items right now across the internet not just in finance. Many who have invested into bitcoin early on are making it big now. With this happening, many are scrambling to see the next big cryptocurrency to come out after bitcoin.
This frenzy is not lost on other industries though, and a small US soda firm is trying to cash in on the latest financial trend.
Long Island Iced Tea Looks to Blockchain
Long Island Iced Tea Corp. is a small soft drinks company in the US. Recently its shares have quadrupled in value when it changed its name.
To cash in on the cryptocurrency mania, it has changed its name to Long Island Blockchain Corporation. It is just one of the smaller companies trying to rebrand themselves and ride in on the cryptocurrency trend, even if there’s a remote connection to it.
The company is said to be still making soft drinks. Adding to its business venture though is a shift in focus towards the exploration of, as well as investments in blockchain technology. Blockchain is the technology in which cryptocurrencies are lodged.
So far the company has not yet been tied up with any other firm that is involved in cryptocurrencies after its name change. It has reserved the domain name longblockchain.com though, so there would likely be a move by the company towards cryptocurrency investment in the future.
“We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry,” Philip Thomas, Chief Executive, Long Island Blockchain Corporation’s
He also said that the company will be taking steps in the coming weeks and months to assemble a team that would help them realize that goal.
With the current frenzy on cryptocurrencies, would other companies follow and also try to get in on it? Let us know your thoughts below.