A Long Island-based beverage brand has decided that bottled iced tea just isn’t enough, it’s time to move into the blockchain game.
On Thursday, Long Island Iced Tea issued a press release stating their intention to invest in blockchain technology, and have changed their name to Long Blockchain Corporation. Despite not having actually done anything yet, at time of writing, the company’s stock had nearly doubled in value.
If there was ever an argument for the blockchain and bitcoin bubble… this might be the case study.
Long Blockchain Corporation says they are now investigating the following business opportunities:
• A blockchain software developer building blockchain infrastructure for the financial services industry
• A London-based FCA regulated, institutional provider of FX services that is building multiple blockchain and digital crypto currency technology solutions for global financial markets
• A new smart contract platform for building decentralized applications that provides scalability beyond currently available options
Long Blockchain’s name-fueled price surge was initially pretty dramatic. On Wednesday, prior to the official announcement, the company’s stock closed at $2.44. By Thursday morning, it had opened on the market at $7.95. By time off writing, things had eased off a bit to $6.75, but it’s still an impressive turn around in less than 24 hours.
The company has also reserved the web domain www.longblockchain.com.
Long Blockchain Corporation maintains that it’s not getting rid of its eponymous beverage brand, but rather, “Long Island Iced Tea Corp. is now focused on developing and investing in globally scalable blockchain technology solutions.” Sure, why not.