Companies include Blockchain in names to increase the Share Price
Dec 23, 2017 Posted / 8068 Views
The obsession with Blockchain is reaching the new level, as companies are renaming themselves just to include the word “Blockchain”. Interestingly, this simple fix has helped to surge their share price. The reports by Verge, suggest that there is an epidemic of name changing spread out in the market since the Long Island Drinks Corp renamed itself to Long Blockchain, and straight away it caused the stocks to swell by 200%.
In a similar flow of events, a California-based startup called Vapetek changed its name into one very dubious called Nodechain Inc. Vapetek is basically a vaping technology company, which develops, marketing, and selling electronic cigarette products. However, the company only offers hazy assurances about including Blockchain in its future plans.
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This practice has actually become a peculiar as in last few months there has been numerous reports floated in the media that UK Telecommunications Company reinvented itself and formed a Blockchain-based approach, while also adding the word to company name. Amusingly, the stock rate for the company soared from £15 ($20) to £84 ($112) in days.
It is not the case that only western world is obsessed by it. In fact, the fad is gaining popularity in Asia, with Hong Kong based tea company Ping Shan Tea is officially converting itself to tea-linked Blockchain Group Co. However, there is still no clarification on how Blockchain will impact the company’s functionability or if they are changing the product. There is not even single mention on the website about how technology will make the company reinvent itself.
If we move towards the reports circulating in Russia, cryptocurrency-inclusive end user promotion is en routing the mainstream path, with the media reports bustling about how a sushi restaurant chain is offering an ICO-themed drinks menu, and it is also indicating towards the China’s ban.
And, lastly how can we forget about the Burger King outlets that are right now experimenting with their own token, naming it as ‘Whoppercoin.’
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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