Long Island Iced Tea Corp changes name to Long Blockchain

Long Island Iced Tea Corp changes name to Long Blockchain

280% 625% in the pre-market after the company announced it was rebranding itself as Long Blockchain Corp.

The latest example of this practice comes from NY firm Long Island Ice Tea, which, as its name suggests, sells beverages such as iced tea and lemonade.

The cryptocurrency market is now approaching huge tremendous market capitalization of around $600 billion, with bitcoin and ethereum being the two biggest digital currencies by market caps. But earlier this week the company announced it was changing its name to Long Blockchain corp. and that it would "leverage the benefits of blockchain technology". Just say the words blockchain or Bitcoin and-poof-stocks will soar.

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The Long Island Iced Tea Corporation is known for its bottled beverages that, despite the company's name, contain no alcohol. The combined business was subsequently renamed Long Island Brand Beverages. Long Island Iced Tea is not even the first soft drinks company to also do so. The company said it had reserved the web domain longblockchain.com. Long Blockchain so far has little to show for its aspirations.

As reported by Bloomberg, there's also Nodechain Inc., formerly vaping firm Vapetek inc.; Intercontinental Technology Inc., whose old name was Rich Cigars; biotech company Bioptix Inc., which is now called RiotBlockchain; and Ping Shan Tea Group Limited, now named Blockchain Group Co Ltd.

However, "The company does not have an agreement with any of these entities for a transaction, and there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated", the website says. "We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector".

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