It seems that all sorts of businesses are starting to look for ways to get into the cryptocurrency action. Long Island Iced Tea Corp is a prime example. The US based soft drinks company recently changed its name to, Long Blockchain Corporation, causing its shares to quadruple in value the day after.
The company says it plans to continue making its iced tea-based drinks. However, it will be shifting its main focus towards exploring and investing in ideas that utilize the benefits of blockchain technology. Blockchain is the way in which cryptocurrency transactions are conducted and recorded.
The name change alone seems to have gathered so much interest by investors that the company has experienced its shares rising by 432%, even though the company has not yet invested in or partnered with any companies tied to cryptocurrency. Yet, the company has stated it reserved the web domain name, “longblockchain.com.”
“The discussions are only in the preliminary stages but indicate the areas of focus for the company. There is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated,” the company has explained.
Other companies have been participating in name changes that give reference to digital money as well. In fact, Long Island Iced Tea company is not the first drink company to do it.
Earlier this week, a company originally known as, SkyPeople Fruit Juice, skyrocketed by more than 200% after word got out that it had changed its name to, “Future FinTech.” The company has shared that its future interests will be focused on bitcoin technology as well.
Long Island Ice Tea Corp’s chief executive, Philip Thomas, has shared, “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.”
He continued with, “We will, in the coming weeks and months, be taking a series of steps related to our efforts to assemble a world-class team of industry professionals to help us realize this vision. We are pursuing our new direction in a thoughtful and deliberate manner.”
However, Thomas also made it clear to the company’s current customers that the pivot towards blockchain technology would not stop the company from producing its original product. It will still be making its Long Island iced tea.