ny iced tea maker sees shares triple
Last Updated : GMT 11:59:16
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 11:59:16
Egypt Today, egypt today

Shifting to crypto cash

NY iced tea maker sees shares triple

Egypt Today, egypt today

Egypt Today, egypt today NY iced tea maker sees shares triple

Bitcoin's value skyrocketed well over 1,000 percent ahead of this month's debut of futures trading on a major market.
Washington - Egypt Today

Shares in a New York beverage company nearly tripled by midafternoon Thursday after it announced it was shifting into cryptocurrency-related investments.

Long Island Iced Tea Corp of Farmingdale, New York -- which says it currently 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.

Shares in the company were up 180 percent to $6.83 in afternoon trading on the tech-dominated Nasdaq.

Interest in cryptocurrencies, which are unregulated by any central bank, caught fire this year. Bitcoin's value skyrocketed well over 1,000 percent ahead of this month's debut of futures trading on a major market.

Regulators have warned that retail investors could fall victim to fraudulent or unscrupulous schemes riding the wave of public interest in the new phenomenon.

Representatives of Long Island Ice Tea Corp did not immediately respond to an AFP request for comment.

- Soaring shares, and warnings -

But the company said in a statement it would remain in the ready-to-drink beverage industry through a subsidiary while shifting to the cryptocurrency sphere.

The company is in "the preliminary stages" of examining investment opportunities in software and technology solutions to serve financial markets and the financial services industry as well as a "new smart contract platform," it said.

A blockchain is public ledger secured using cryptography that enables digital currency transactions.

This is not the first company to make the drastic move into the digital currency world.

In October, shares in the penny-stock biotech company Bioptix Inc soared when it changed its name to Riot Blockchain Inc and announced it would focus on cryptocurrency investments. 

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.

In an unrelated statement on Thursday, the US Financial Industry Regulatory Authority, a private industry body with regulatory power, warned about potential scams given the explosion of interest in bitcoin.

"But it is important to do your research. Even when legitimate companies enter a hot, new sector, con artists almost always follow suit," Gerri Walsh, FINRA's senior vice president for investor education, said in the statement.

And the Securities and Exchange Commission has recently stepped up enforcement against cryptocurrency-related frauds.

Source:AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ny iced tea maker sees shares triple ny iced tea maker sees shares triple



GMT 11:14 2017 Wednesday ,13 December

Seeking music edge, Apple buys song recognition

GMT 15:02 2017 Tuesday ,12 December

Bitcoin tops $18,000 in debut on major bourse

GMT 06:20 2017 Monday ,11 December

Apple to buy music recognizing app Shazam

GMT 08:32 2017 Sunday ,10 December

Bitcoin surges towards $17,000

GMT 12:08 2017 Friday ,17 November

The $450mn Da Vinci record
Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation
Egypt Today, egypt today Paris Fashion Week: John Galliano goes co-ed on the catwalk
Egypt Today, egypt today For the Variety of Interior Design Styles

GMT 22:35 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 20:05 2012 Thursday ,11 October

ING sells insurance businesses in Malaysia to AIA

GMT 04:47 2016 Saturday ,19 November

50 Houthi militias killed by army forces in Yemen

GMT 00:06 2017 Thursday ,16 February

Hole is where the heart is

GMT 08:25 2017 Thursday ,12 January

Washington on adapting ‘Fences’ for film

GMT 12:27 2017 Monday ,09 January

Cibulkova, Wozniacki win in Sydney

GMT 15:14 2017 Friday ,25 August

1 killed, 3 wounded in bomb blast west of Baghdad

GMT 14:40 2011 Tuesday ,20 September

It’s not easy to be a goddess’s boy toy

GMT 13:06 2017 Saturday ,16 September

LEO (July24th-August23rd)

GMT 11:55 2013 Thursday ,20 June

System Professional introduces Luxe Oil Collection

GMT 08:18 2012 Wednesday ,11 January

Carla Bruni\'s shady charity

GMT 10:04 2012 Tuesday ,28 February

Africa with new rainforest Spa rituals

GMT 15:43 2018 Monday ,29 October

Lavrov to visit Portugal before yearend

GMT 14:53 2018 Friday ,12 October

Commander-in-chief of Bahrain inspects BDF units

GMT 23:50 2015 Friday ,05 June

Ritchie strike secures Scotland friendly win

GMT 15:36 2011 Wednesday ,01 June

Jordan may benefit from G-8 aid to region

GMT 02:09 2015 Friday ,10 April

China March consumer inflation steady at 1.4%

GMT 20:33 2011 Tuesday ,19 April

Euro edges back against dollar at $1,4257

GMT 10:37 2014 Saturday ,20 September

Depp co-stars in quirky horror-comedy 'Tusk'

GMT 10:35 2011 Friday ,19 August

China Mobile will launch iPhone

GMT 18:38 2017 Monday ,01 May

Sunwolves' winger Taulagi banned

GMT 23:34 2014 Monday ,11 August

Starch reduction for diabetes treatment
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday