Radioshack, the electronics-associated brand, has announced it will now pivot to a cryptocurrency-centric model. The company informed that its focus will be to “bridge the gap” to bring cryptocurrency into mainstream use. This is the latest iteration in the story of the brand, which was known for offering electronic products at a retail level in the ’70s and ’80s.
Radioshack Introduces Defi Business
Radioshack, a 100-year-old brand associated with consumer electronic devices and personal computers in the ’70s and ’80s, is now pivoting its operations to a cryptocurrency model, according to data provided by the company. The mission of this new iteration of the company will be to “bring cryptocurrency to the mainstream.”
For this, Radioshack will start with launching a decentralized exchange, or a “swap,” to allow its users to exchange currencies for others without having to register in a commercial exchange. Radioshack says that Atlas USV, a partner protocol, will provide the backend to this effort. Radioshack estimates this will enable traders to trade with less slippage as the swap works with an expected owned liquidity model.
If the exchange is launched, it will be able to issue its native token called RADIO.
It’s Down two times, but Resurrected
Radioshack’s path to crypto comes after the company filed for bankruptcy protection twice in 2015 and 2017, posting its last green numbers in 2011. That brand was revived last year and bought by investors to make it part of a larger portfolio. Tai Lopez, Alex Mehr, purchased the brand. They are using it to help them with their new focus on cryptocurrency.
The investors declared, at the time of the acquisition of the brand, that they didn’t have the intention of reviving the old electronics retail business and aimed to turn Radioshack into an online marketplace. Merh declared:
To build a large business, we bought raw materials. A brand is synonymous with trust. The brand is strong. The brand’s strength can be quantified.
Radioshack has not been the only legacy business to switch to cryptocurrency in recent years. Kodak (a brand that specializes in photography) also launched its cryptocurrency token, Kodakcoin. This would allow users to upload their images and then license them for use. This shift, however, was not sustainable and Kodakcoin did not launch.
Radioshack: How do you feel about the pivot to crypto and Radioshack? Comment below.
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