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Tuesday, 30 January 2018 12:56

The Business Name Change Craze Surrounding Cryptocurrencies

By - Michael Rader

Companies are changing names and rebranding to include references to Bitcoin or the technology behind it. Reminiscent of the dotcom boom, digital currencies are looking like the next big thing. More businesses are jumping on the cryptocurrency bandwagon every day and name change announcements are one of the things sending stock prices soaring. For some businesses, a simple rebrand has sent shares increasing by 4-5 times.

Why is this happening?

It’s very apparent that the cryptocurrency industry is experiencing rapid growth. A single Bitcoin is now worth over $10,000, a value reached late in 2017, and it’s showing few signs of slowing. With new digital currency competitors now available including Dash, Safecoin, Steem, Litecoin, Peercoin, Namecoin, Primecoin, Novacoin, and feathercoin, there are more options than ever for investors. Should any of these rising cryptocurrencies reach similar values as BitCoin, an investor could get an enormous return on investment. This unprecedented growth in cryptocurrencies is causing businesses to reevaluate their future and forge new plans, with some even following naming trends and changing their business name altogether.

What businesses have changed their names?

The Long Island Iced Tea Company was one of the most recent and well-known businesses to change their name and experience soaring stock prices. Shares grew as high as 500 percent in pre-market trading and settled at 275 percent as the markets opened. The company is now known as Long Blockchain.

What’s a Blockchain?

A blockchain is a critical part of cryptocurrency technology. Blockchains are essentially growing lists of records, called blocks, which are linked to one another and secured with cryptography. Blockchains resist the modification of data and are inherently secure, providing a technology that allows cryptocurrencies to exist.

Many companies are now using these digital currency terms to their advantage. Just last year, naming trends hadn’t caught on to what was coming. However, in 2018, by leveraging the popularity of digital currency, businesses can get media attention and investors practically overnight.

The Long Island Iced Tea Company isn’t the first and they won’t be the last. When pressed about the company’s future, it remains uncertain if they will develop their own cryptocurrency, invest in others, or are merely using the reference to “blockchain” as a way to increase stock prices.

Their new website, specifies: “Long Blockchain Corp. (Nasdaq: LTEA) is focused on developing and investing in globally scalable blockchain technology solutions.” However, the website also specifies there are no current agreements with blockchain entities, and it offers no assurance that there are any agreements possibly coming down the pipeline.

Other companies following the name change craze surrounding cryptocurrency and blockchain:

Companies getting involved in cryptocurrencies

Future FintTech Group – Formally SkyPeople Fruit Juice, a producer of fruit juice concentrates. Stocks climbed up 215 percent as the company rebranded to follow the BitCoin naming trend and announced plans to invest in the technology. The company has a commitment to e-commerce and a business strategy that they believe the name change represents.

Riot Blockchain – Formally Bioptix, Riot Blockchain was a biotech company with future investment plans in cryptocurrency technology. It was bought in 2016 by Venaxis Inc, which many argued was a poor move and a cash burn. Bioptix has shuttered operations and sold, receiving a payment as high as 2 million and a royalty stream for the assets. Cryptocurrency was a move the business undertook after identifying new sectors to invest in.

Crypto Co. – The U.S. SEC completely stopped the trading of shares for the company, which was formerly a women’s apparel marker. The company grew by 2,700 percent with a value surpassing #11 billion. The U.S. SEC stated concerns of misleading information regarding the company’s investments and business strategies

Intercontinental Technology Inc – Previous named Rich Cigars Inc, the company changed their name to pursue a future in cryptocurrency mining.

Nodechain Inc – Previous called Vapetek Inc and a manufacturer of e-cigarettes, Nodechain rebranded with a strategy to mine cryptocurrencies going forward.

Companies getting involved in cryptocurrencies

There are many companies that haven’t changed their name to include blockchain or cryptocurrency related phrases, but are actively creating their own digital currency or investing in an existing one. This list is growing rapidly and has some very big brands in it. – Online retailer that announced a digital-coin exchange platform.

Microsoft – The technology giant is sponsoring blockchain technology and is a founding member of the EEA Enterprise Ethereum Alliance. Dozens of other companies have followed suite including Toyota and J.P. Morgan. This alliance allows for collaboration in blockchain-based online marketplaces.

IBM – IBM joined Hyperledger with five blockchain projects currently underway. Fabric, the most popular of the five, is a blockchain layer. In 2016, IBM also announced to integrate blockchain technology into its AI called Watson.

Digital Power Corp – A power system solution provider that launched a cryptocurrency mining operation and experienced incredible growth.

MGT Capital Investments Inc – Cybersecurity firm partnered with McAfee anti-virus software announced they will begin moving into BitCoin mining.

Xunlei Ltd – A cloud computing company with China-based operations has experienced rapid growth since the surge of cryptocurrencies. Their computing resources are likely prime targets for cryptocurrency mining.

Social Reality Inc – An internet marketing firm that announced a cryptocurrency dividend with plans to offer an Initial Coin Offering of Blockchain Identification Graph tokens, also known as BIGtokens. Stock shares almost doubled after the announcement was made.

Bitcoin Investment Trust – For Bitcoin exposure, you can setup a traditional account with their brokerage. They track Bitcoin prices for their investors and safeguard their investments.

Net Element Inc – An online payment processor that launched a blockchain enabled unit thanks to a partnership with Bunker Capital. Stock shares grew by over 300% since the announcement.

Blockchain Capital – This is a firm that refers to their service as the first ever digital liquid venture firm. They help others invest in blockchain projects, as well as the technology that supports them.

Marathon Patent Group Inc – After a deal was announced to buy the cryptocurrency miner Global Bit Ventures Inc., shares jumped significantly for this intellectual property licensing and management company.

FastForward Innovations – A London stock exchange firm that invests in emerging technology, with investments in Factom and other digital currency projects.

Nova LifeStyle Inc – Furniture maker that created a blockchain enabled unit known as “I Design Blockchain Technology Inc” and launched a system to accept Bitcoin and all other cryptocurrencies.

Kodak – U.S. firm teamed up with London-based Wenn Media Group to announce KodakCoin, a blockchain initiative that plans to help photographers control image rights. They also plan to invest in BitCoin mining machines that will be housed in Rochester, New York. Kodak has a brand name for that one too, the Kodak KashMiner. Value for the company soared significantly after the announcement.

Last modified on Tuesday, 30 January 2018 1:21

Michael Rader

With over ten years in web development and design, Michael Rader has expertise and technical know-how. But more than a skilled technician, he is an entrepreneur and innovator who helps startup’s and new businesses identify and define their future with a unique, brandable business name. Michael Rader is the founder and CEO of Brandroot®, a leading .com domain name marketplace. He currently lives in Kailua-Kona, Hawaii where he operates the business and authors a blog dedicated to naming and brand name establishment.