RadioShack has announced ambitions to relaunch as a bitcoin trading platform. In an effort to keep the 100-year-old brand alive.
In 2015, the Texas-based retailer filed for Chapter 11 bankruptcy protection, and then again two years later before being acquired by Retail Ecommerce Ventures (REV) in November 2020. Tai Lopez and Alex Mehr, co-founders of REV, also founded Atlas Universal Store of Value (USV), a cryptocurrency that has teamed with RadioShack to assist in fulfilling this new goal.
Last year, when the company was acquired, Mehr said in a statement :
“The RadioShack brands have resonated with consumers for nearly 100 years, and we are confident RadioShack’s relaunch as a cutting-edge e-commerce company will amplify the awareness of this iconic brand internationally”
REV will aim to reinvent RadioShack as a decentralised money area a year later.” lead the way for blockchain tech to reach mainstream adoption.”
Mehr and Lopez are particularly interested in bridging the generational divide that currently exists between the more active crypto community and the general public.
“We will be the bridge between the CEO’s who lead the world’s corporations and the new world of cryptocurrencies,” a statement on RadioShack’s website reads.
RadioShack initially plans to serve as a token swap market, which is called the “lowest hanging fruit among the many defi opportunities.” This sets RadioShack up as a competitor to exchange services such as Coinbase and Binance.
Atlas USV was chosen as a partner since it is a reputable company.” long-term holder, not a reward-oriented, short-term provider of liquidity.”
According to some experts, 2022 will be the year when bitcoin sees the biggest surge in usage and participation, implying that RadioShack’s decision is perfectly timed.