This morning, Ny Iced Tea, A Brand New York-primarily based beverage maker, introduced it used to be changing its name to Lengthy Blockchain Corp. The Company’s relation to cryptocurrency is doubtful — it says it’s going to “leverage the benefits of blockchain technology” — but it surely was briefly rewarded with a TWO HUNDRED percent bounce in stock price at the starting of trading.
Ny Iced Tea isn’t the first or even the strangest corporate to try cashing in on the bitcoin craze. As bitcoin’s price skyrocketed earlier $15,000 earlier this month, a number of corporations have rewritten their title or challenge remark to reference blockchain era or cryptocurrency. only a point out of bitcoin seems sufficient to woo investors and get media attention (together with, now, this tale).
Bloomberg noted a few of the stranger rebranding efforts: sports activities bras, juice, and e-cigarette corporations that appear to have had very little to do with bitcoin in the past.
Previously referred to as SkyPeople Fruit Juice, the Hong Kong-primarily based company renamed itself Future FinTech Workforce Inc. Despite the new label, the company nonetheless makes packaged food and, in its November presentation to traders, made point out of its plans to enlarge kiwi and orange plantations.
Some Other company, The Crypto Corporate, actually deals in cryptocurrency but went public by way of obtaining a sports activities bra corporate. The Crypto Company had its inventory suspended by way of the SEC on Tuesday, citing issues about accuracy and “potentially manipulative transactions.” the public sports bra corporate it bought had declared reasonably ambitiously on its web site that its bras were going to have pockets for containing cash, chapstick, and ID, a tiny telephone charger, and mace.
Then in the vaping business, the California-based totally Vapetek Inc. has decided to rename itself Nodechain Inc. and says it’ll discover Bitcoin, Ethereum, and different cryptocurrencies. Nodechain says it has many GPU mining rigs it purchased from US suppliers and estimates that it’ll give you the chance to tug in round $500 in ethereum or in bitcoin in keeping with rig each day. The publicly traded corporate additionally changed its web page area from Vapetek.com to Nodecha.in.
in a single of the extra extreme instances, a Hong Kong crew known as Ping Shan Tea Group Limited, which, as its title prompt, makes tea, has redefined itself as Blockchain Team Co Ltd. Its website now incongruously presentations a sleek blockchain emblem along huge stretches of a tea plantation.
Like Ping Shan, now Blockchain Workforce, Long Blockchain Corp. is going to continue making tea despite its new identify. It’s all reminiscent of yesteryear’s dot com bubble when random corporations might add dot com to their names.