RadioShack, the ancient retailer that people used to visit eons ago for electronic gadgets and accessories such as power plugs and audio cables, has re-emerged as a cryptocurrency company.
The brand’s new business venture has been confirmed via its newly launched website, which explains how the company will be “bringing cryptocurrency to the mainstream” with key technologies embraced by proponents of DeFi (decentralized finance), a blockchain-based form of finance that aims to put monetary control strictly into the hands of its users. They include a RadioShack Swap platform, which will allow cryptocurrency investors to swap coins similar to existing sites such as Uniswap, as well as a new token called RADIO.
“Blockchain technology has rapidly evolved into a mind-blowing multiplicity of sectors: currencies, centralized exchanges, derivatives, lending, swaps, synthetics, etc.,” RadioShack wrote in a post explaining why it was beginning its cryptocurrency quest with a swap and the potential profits that it could bring to the company.
“Yet the concept of a swap stands out first and foremost as the place of low-hanging fruit – fruit that is spinning off incredible levels of net profit. Profit not just from speculation like Bitcoin or other cryptocurrencies, but ones born out of trading fees.”
“Some existing swaps like Uniswap or Sushiswap reportedly are doing $1-$7 million net profit per day! They are the current profitable forces of nature in the DeFi world.”
RadioShack was acquired by Retail Ecommerce Ventures (REV) in November 2020 after failing in the retail market and having to file for Chapter 22 bankruptcy. The brand now partially exists as an online store, which, according to REV executives, still manages strong sales.