Former electronics giant RadioShack reboots as cryptocurrency company

Though the RadioShack electronics retail chain basically crumbled following chapter filings in 2015 and 2017, the identify has survived for 100 years. In a bid to make RadioShack related for one more 100 years, the model’s new proprietor is making a play for one of many hottest, and most controversial, rising enterprise sectors on the earth — cryptocurrency.

Looking for to capitalize on RadioShack’s world model identify, Miami-based proprietor Retail Ecommerce Ventures is propelling RadioShack (as soon as based mostly in Fort Value) into the promising but murky territory of cryptocurrency. Cryptocurrency is digital forex constructed on a know-how platform often known as blockchain; bitcoin is probably the best-known sort of cryptocurrency. In November, the dimensions of the worldwide cryptocurrency market surpassed $3 trillion.

“The necessity for a bridge between the CEOs who management the world’s companies and the brand new world of cryptocurrencies will most probably come within the type of a well known, century-old model. RadioShack is ideal,” RadioShack proclaims on its website.

Excessive-profile traders like Elon Musk have enthusiastically hopped on the cryptocurrency bandwagon. But different big-name traders, equivalent to Warren Buffett, solid doubt on the viability of the scam-prone, extremely risky cryptocurrency market.

The proprietor of RadioShack clearly shares area on the Musk bandwagon. On its web site, RadioShack — whose identify nonetheless seems on lots of of stores operated by impartial sellers — lately revealed plans for a cryptocurrency platform known as RadioShack DeFi (brief for decentralized finance). The corporate touts RadioShack DeFi’s capability to revenue from a 100-year-old model identify that’s acknowledged in additional than 190 nations and as soon as encompassed greater than 8,000 shops.

The idea requires folks to freely swap current cryptocurrency tokens for newly created RADIO cryptocurrency tokens by way of the RadioShack DeFi platform.

“It’s our speculation that one of the simplest ways for crypto to be extra mainstream is for a longtime model identify within the tech area to prepared the ground. … Regardless of its pullback within the final 10 years, the model is resolutely embedded within the world consciousness — ripe to be pivoted to prepared the ground for blockchain tech to mainstream adoption by different massive manufacturers,” RadioShack declares.

Retail Ecommerce Ventures purchased RadioShack’s model belongings in 2020. The enterprise additionally owns the ecommerce enterprise of Pier 1, previously based mostly in Fort Value, together with out of date retail manufacturers equivalent to Dressbarn, Linens ’n Issues, and Stein Mart.

Apparently, RadioShack’s cryptocurrency setup would run on a system known as Atlas USV that’s owned by entrepreneurs Tai Lopez and Alex Mehr — the identical guys who personal Retail Ecommerce Ventures and, thus, RadioShack.

“Lopez and Mehr are clearly staking the success of your complete operation on the power of the RadioShack model with shoppers,” PCMag.com observes.