Lengthy Blockchain Corp., previously referred to as Lengthy Island Iced Tea, has reached a definitive settlement to promote its beverage subsidiary, Lengthy Island Model Drinks.
Lemonade firm provides blockchain to its title
In September 20 press release, Lengthy Blockchain introduced the sale of its subsidiary to the Canadian firm ECC2 Ventures.
Andy Form, CEO of Lengthy Blockchain acknowledged that this transaction will allow the corporate to focus its efforts on the underlying loyalty actions, and provides:
"Our loyalty platform has skilled robust development over the previous yr with new and present prospects, and we stay up for constructing on that progress."
The previous manufacturing firm for iced tea and lemonade rebranded themselves from Lengthy Island Iced Tea to Lengthy Blockchain in early 2018, leading to an organization value rise from lower than $ 5 million to virtually $ 70 million in just a few days.
As a Cointelegraph reported Lengthy Blockchain was scrapped from the Nasdaq in April 2018 on account of low market capitalization, whereas it was just a few months later issued a subpoena by the US Securities and Trade Fee.
In 2017, it was not unusual for corporations to benefit from the blockchain euphoria that conquered the world and add the phrase "blockchain" to their names, even though they don’t have anything to do with know-how.
FBI investigates Lengthy Blockchain Corp.
In July, Cointelegraph reported that the US Federal Bureau of Investigation (FBI) is investigating the shift from Lengthy Island Iced Tea to blockchain for proof of insider buying and selling and securities fraud.
The FBI wished to increase an order from one other case to achieve entry to communications for his or her investigation into the previous iced tea firm. These stories allegedly include proof that the corporate was concerned in a potential commerce cam.