Long Blockchain Corporation to move from iced tea to crypto industry

Long Island Iced Tea Corp has been just re-branded to 'Long Blockchain Corporation' (LBC), following the company board's decision to pursue prospects in the blockchain industry. The company plans on installing the mining gear in the Nordic country to mine bitcoin.

The renowned beverage company, Long Island Iced Tea Corp, has re-branded to Long Blockchain Corporation (LBC). This has caused its share price to quadruple. An increase of more than 400% was seen immediately after the re-branding took place.

Many companies have been re-branding lately, from poker machine to juice companies. Another example includes the Hong Kong-based beverage company, SkyPeople Fruit Juice. Its share value doubled when it re-branded itself and changed its name to Future Fintech in early-2017.

The US-based Long Blockchain Corp stated that it will not abolish its beverage production. It will run the beverage production part of the business as a wholly-owned subsidiary. However, it has decided to direct its strategies in pursuing prospects in blockchain industry.

The company also mentioned its new objective to focus upon investing and exploring the new field of blockchain technology, which is paving way for a lot of opportunities. The company’s CEO, Phillip Thomas, believes that getting involved in the blockchain industry is a once-in-a-lifetime opportunity. Thomas plans to put together a world-class team to get started on this newly formed vision of the firm.

It has been reported that Long Blockchain Corp has recruited two new board members on its team. These two members are experienced in both the digital token and fintech market.

Newcomers to help with the re-branding

LBC announced the recent hire of Shamyl Malik, the Voltaire Capital global head of trading, and Som Ghosh. Malik is the co-founder of Earthmiles, and is expected to use his 11 years of experience in computing and technology to benefit LBC's new venture into the cryptocurrency industry.

LBC sold $8.4 million worth of its shares in order to buy 1,000 bitcoin mining computers. The company bought 1,000 S9 Antminers mining rigs, which are sold online for $2,725 each. LBC aims at establishing the mining facility in a world-class third-party data center, which has experience in the digital token business.

The company plans on installing the mining gear somewhere in the Nordic region, so that an energy efficient setup could be built. Nordic countries are known to benefit from geothermal and hydroelectric power sources. Genesis Mining and Bitfury are also operating in the same locality.

The firm hopes to start their digital token operation by generating the initial revenue through the accumulation of bitcoin tokens. The CEO further explained that this platform will enable the firm to get involved in acquiring, selling and partnering in the blockchain space.

Company’s purchase and sale will finalize on January 31, 2018. The cost of 1,000 S9 Antminers and 1,000 PSUs is around $29,00,000. LBC also filed a deal with the US Security and Exchange Commission on January 4, 2018. The deal includes the intentions of mining bitcoin and buying of mining equipment, as well as the issuance of 260,000 shares of company common stock.