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NextGen Magazine

 
 

Company's Shares Soar 500 Percent After Adding Word 'Blockchain' to Name

By:
Chris Gaetano
Published Date:
Dec 21, 2017
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The Long Island Iced Tea Corp. changed its name to Long Blockchain Corp and, soon after, found its stock value rise 500 percent, according to Bloomberg. The name change isn't just cosmetic, though: the company said that, with the new name, it will shift its focus on partnering and investing with companies that develop decentralized ledgers. There is no assurance, however, that this will actually happen as the company has no agreements with existing blockchain firms, and has said there is no guarantee it will be able to secure one in the first place. Even in this case, however, it will still have its beverage sales to fall back on, as it still plans to produce ready-to-drink beverages through the creation of a subsidiary.