RadioShack might be a blast from the past to many investors, but don’t be fooled. After falling apart in the mid-2010s, the company is back and looking to be a power play in the crypto world. The consumer electronics retailer is launching its own project and a RadioShack crypto to match, and it’s gaining quite a bit of support as it nears fruition. Of course, this momentum is breeding imposters as well, something which the company is seeking to address this week.
RadioShack has made waves recently with an unexpected comeback, fueled by an even more unexpected business pivot. Since the company first filed for bankruptcy in 2015, it has struggled to remain relevant. But now, it’s back, thanks to an acquisition by Retail Ecommerce Ventures. And with this new ownership, the company is pivoting from its retail model to cryptocurrency.
The company isn’t ditching its electronics sales completely; it has its own store space on Amazon (NASDAQ:AMZN) through which it sells it still sells electronic goods. But it’s certainly putting this service on the back burner. Indeed, the revamped RadioShack website is now almost entirely dedicated to the coming launch of its crypto exchange.
Imposters Threaten RadioShack Crypto Launch
At some point in 2022, RadioShack bulls are expecting the company to launch its own crypto exchange. The company says that as a legacy electronics retailer, it is prepared to bring crypto to older consumers — those who remember going to brick-and-mortar stores. It also plans to launch its own RadioShack crypto, the RADIO token.
The project is building lots of momentum, even before the launch of the platform or token. The official Telegram and Discord communities for the project have thousands of active members. And as crypto investors have seen before with hyped-up projects, there are also imitators.
Indeed, there are crypto projects cropping up across the web which claim association with RadioShack’s cryptocurrency launch. These projects, attempting to cash in on the hype, are not at all legitimate. It’s become enough of a problem that RadioShack is addressing it now with a disclaimer on its website homepage.
The notice reminds investors of its Telegram and Discord channels, calling them the only official vessels for news regarding the project. Those wishing to invest in the coming crypto are advised to use only these channels, and to avoid other Telegram communities posing as official sources. The RadioShack website also has a sign-up for email notifications regarding the project’s launch.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.