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Long Island Iced Tea changing name to Long Blockchain

22 December, 2017, 01:08 | Author: Melinda Barton
  • Long Island Iced Tea changing name to Long Blockchain

While it's clear that blockchain technology is important and that bitcoin and other cryptocurrencies like ethereum, litecoin and ripple are not going away, there is now too much hype surrounding bitcoin and blockchain.

In a press release, Philip Thomas, the CEO of the NY company, assured folks they would still make drinks, stating the company was "incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and global scale". Diagnostic company Bioptix's shares soared 400 percent after it changed its name to Riot Blockchain RIOT.O in October. It still plans to sell non-alcoholic ice teas and lemonades as a subsidiary but now says it will be mainly seeking to partner or invest with companies involved in blockchain technology and would like NASDAQ to change the company's trading symbol to reflect the new effort. Bitcoin's value skyrocketed well over 1,000 percent ahead of this month's debut of futures trading on a major market. 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". But today, the company announced a change of strategy that would start with a new name: "Long Blockchain Corporation". "We are pursuing our new direction in a thoughtful and deliberate manner". At least, it was before Wednesday, when the company announced a pivot to blockchain, the technology that underpins Bitcoin.


"Your support over the years has helped to drive our growth and elevate our brand, and we remain committed to maintaining and fostering these relationships", he said.

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