RadioShack announced their move into cryptocurrency on December 19th via Twitter. The rebranding of this company follows after two previous bankruptcy filings in 2015 and 2017. The company’s mission is “to be the first protocol to bridge the gap in mainstream usage of DeFi (decentralized finance) ” according to their Twitter. The plan is to capitalize on the well known RadioShack brand in order to bring awareness to their new token.
One of the main issues in the world of cryptocurrency is that a gap exists between many traditional business models and blockchain technology. Many CEOs of big corporations have yet to put the time in to understand the fundamentals of cryptocurrency and how it can be important. RadioShack is hoping to fix that problem. Their website says, “We will be the bridge between the CEO’s who lead the world’s corporations and the new world of cryptocurrencies.”
They want to do this by creating a RadioShack DeFi platform. It will be starting with a token swap, with their new RADIO token. They intend to move onto other DeFi components in the future. One of the main issues with DeFi has been that it isn’t in the mainstream as of yet. It is still a relatively foreign and confusing idea to many in the world and outside of the cryptocurrency community. RadioShack intends to remedy this and wants to create the first mainstream DeFi platform. The company’s goal is ambitious, they essentially want to be the connector between cryptocurrency and mainstream business.
RadioShack DeFi has a huge advantage in comparison to other platforms. RadioShack is a multinational household name, in the past they have had thousands of locations globally. Other corporations like Tesla or MicroStrategy have previously got into crypto. However, the big difference here is the sole purpose of RadioShack is to get into the the industry. The hope of the company is that they will be able to foster crypto into the mainstream. “Despite its pullback in the last 10 years, the brand is resolutely embedded in the global consciousness – ripe to be pivoted to lead the way for blockchain tech to mainstream adoption by other large brands.”
RadioShack DeFi isn’t available yet, and they currently have a waitlist for anyone to join on the website.