Long (Island) Blockchain: Iced tea company follows tech craze and pivots

Source Long Island Iced Tea

FARMINGDALE, N.Y. -Long Island Iced Tea Corp. was founded in 2011 as a maker of such drinks as peach and lemon iced tea. Long Blockchain has been making non-alcoholic lemonades and ice teas, and as of Wednesday had a market value of $23.98 million. But earlier this week the company announced it was changing its name to Long Blockchain corp. and that it would "leverage the benefits of blockchain technology". There have been a number of companies that made a similar pivot to try to catch the crypto wave, including a different beverage company.

The new trend brings to mind the dot-com bubble of the late nineties, when companies tried to boost their stock price and encourage investment by adding.com to the end of their names. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

After announcing the re-brand, the company's shares rose by a whopping 300% as investors backed the opportunity.

The company says it's "already in the preliminary stages of evaluating specific opportunities involving blockchain technology" and even goes onto say they're looking at buying an FCA-regulated FX broker.

Nasdaq has been investigating the possibility of creating distributed ledgers for private company share registers, while the Australian Stock Exchange is testing whether blockchain could be used to replace its existing clearing and settlement systems.

This week shares in a company formerly known as SkyPeople Fruit Juice jumped by more than 200% after a popular TV finance reporter pointed out that it had changed its name to Future FinTech and said its future lay in bitcoin technology.

- Additional reporting from Washington Post and The Telegraph.

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