Radioshack Suprisingly Reboots As Crypto Company

January 23, 2022 2:39 pm Comments

The well-known RadioShack brand has been around for decades as most people are familiar with it being the go-to place to get any electronics that you were looking for.

In recent years, the brand has struggled as the economy shifted from physical retail stores to an increasing interest in e-commerce.

As a result, the electronics retail chain had filed for bankruptcy back in 2015 and 2017 despite the business already being around for almost 100 years.

The direction for the brand changed when it was acquired by Retail Ecommerce Ventures which is a holding company that specifically invests in struggling retail brands and transitioning them into the world of e-commerce in an effort to turn the businesses successful again.

In recent news, the company made the announcement that it would actually turn into the cryptocurrency world and revealed plans for a crypto decentralized finance platform.

CultureMap reports:

High-profile investors like Elon Musk have enthusiastically hopped on the cryptocurrency bandwagon. Yet other big-name investors, such as Warren Buffett, cast doubt on the viability of the scam-prone, highly volatile cryptocurrency market.

The owner of RadioShack clearly shares space on the Musk bandwagon. On its website, RadioShack — whose name still appears on hundreds of stores operated by independent dealers — recently revealed plans for a cryptocurrency platform called RadioShack DeFi (short for decentralized finance).

The company touts RadioShack DeFi’s ability to profit from a 100-year-old brand name that’s recognized in more than 190 countries and once encompassed more than 8,000 stores.

The concept calls for people to freely swap existing cryptocurrency tokens for newly created RADIO cryptocurrency tokens through the RadioShack DeFi platform.

“It is our hypothesis that the best way for crypto to be more mainstream is for an established brand name in the tech space to lead the way. …

Despite its pullback in the last 10 years, the brand is resolutely embedded in the global consciousness — ripe to be pivoted to lead the way for blockchain tech to mainstream adoption by other large brands,” RadioShack declares.

Regarding the specific details of the cryptocurrency project that RadioShack would run on, it is revealed that it would run on a system called Atlas USV that’s owned by entrepreneurs Tai Lopez and Alex Mehr — the same guys who own Retail Ecommerce Ventures and, thus, RadioShack.

Once again, RadioShack isn’t the first retailer that has tried to take a crypto pivot in an effort to revive it’s business.

Companies like AMC, Overstock, and Pepsico have all experimented with various projects that involved the use of blockchains and tokens to be integrated with their existing business systems.

The reason why the owners of RadioShack decided to make a move was because the brand name was well positioned to connect a well-known brand that had gathered a lot of trust over the years to a new emerging industry that still has a lot of skeptics from the mainstream public.

RadioShack’s parent holding company, Retail Ecommerce Ventures, also hosts a variety of other retail brands that include Pier 1, Dressbarn, and Franklin Mint.

The company has stated that all of their other retail brands may soon get into the crypto act as well as the company is betting big on both e-commerce and crypto technologies.

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