Long Island Iced Tea Corp changes name to Long Blockchain

Long Island Iced Tea Corp changes name to Long Blockchain

Long Island Iced Tea Corp changes name to Long Blockchain

The effect on the company's stock price was nearly instantaneous.

On Oct. 4, a biotech-oriented company called Bioptix - whose business included a license to develop and eventually sell hormone products for cattle and other animals - said it was changing its name to Riot Blockchain (RIOT), with the intent of investing in the blockchain space.

Beverage maker Long Island Iced Tea Corp's shares jumped almost 300 per cent on Thursday after the company said it would rebrand itself Long Blockchain Corp, the latest U.S. firm to tap into the frenzy surrounding cryptocurrencies. Thursday morning. The beverage maker announced it would shift its business toward blockchain-the underlying technology behind cryptocurrency that makes it secure-and its stock soared by some 200 percent. Even a tiny drinks company can benefit from it. It didn't say what the new symbol would be.

"We view advances in blockchain technology as a once-in-a-generation".

Here's the thing though.

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The surge in the company's stock price lifted its market capitalisation to as much as US$92.6 million from US$23.8 million as of Wednesday's close.

The Long Island Iced Tea Corporation is known for its bottled beverages that, despite the company's name, contain no alcohol.

The company said it is in "preliminary" discussions to buy a blockchain software developer working on infrastructure for the financial services industry, as well as a London-based provider of foreign exchange services that is building blockchain and cryptocurrency technology solutions. 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".

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