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Iced tea company's stock shoots up after adding blockchain to its name

22 December 2017

The well-established beverage firm announced an abrupt change in focus favoring blockchain technology.

Long Island Iced Tea Corp of Farmingdale, New York - which says it now produces the soft drink with a proprietary recipe - announced Thursday it was changing its name to "Long Blockchain Corp" and would explore investments in the technology underlying cryptocurrencies like bitcoin. Literally just say the word "blockchain", apparently. Those opportunities, which as of now haven't turned into solid partnerships or agreements, include a blockchain infrastructure developer in financial services, a London-based foreign-exchange services provider developing blockchain and cryprocurrency technology for financial markets, and a smart-contract platform.

The company, which will ask Nasdaq to change its trading symbol in connection with the name change, said it will continue to focus on the ready-to-drink segment of the beverage industry. Bitcoin has soared in value by more than 1,600% so far this year, surging towards $20,000 at the start of this week and trading at about $15,600 on Thursday.

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CEO Philip Thomas commented, "We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry". Shares plunged 19% on Thursday, but shares have more than quadrupled in value since October 4.

Shares in the financial tech company LongFin Corp also surged this month after it announced it had acquired the blockchain business Ziddu.com, according to Bloomberg.

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Iced tea company's stock shoots up after adding blockchain to its name