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Long Island Iced Tea changing name to Long Blockchain

Long Island Iced Tea changing name to Long Blockchain

The boom in Bitcoin, an electronic currency whose fanatical adherents have pushed its value to over $15,000 per digital coin has caused some very weird changes in the way people do business in the real world.

New York-based Long Island Iced Tea Corp said it will change its name to Long Blockchain Corp because its parent company is shifting its corporate focus towards the "exploration of and investment in opportunities that leverage the benefits of blockchain technology".

Long Blockchain isn't actually offering Blockchain services yet, and Ars reports it's looking to partner with other companies to do so. Diagnostic company Bioptix's shares soared 400 per cent after it changed its name to Riot Blockchain in October.

"Blockchain is the new iced tea, and also the new ".com".

The company said Thursday that it plans to ask the Nasdaq to change its trading symbol from its current "LTEA", but didn't disclose what it wants the symbol changed to.

Notably, management has not yet secured an agreement with any blockchain entities, and it intends to retain Long Island Brand Beverages as a wholly-owned subsidiary.

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".

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