Old electrical store, RadioShack, completely revolves in DeFi

A century-old company, RadioShack, formerly RadioShack Corporations, has confirmed a complete U-turn to burgeoning decentralized finance (DeFi), a crypto niche specializing in offering services similar to traditional finance through blockchain technology.

RadioShack turns to DeFi

Tai Lopez, the company’s executive chairman, had previously alluded to this on Dec. 11, where he revealed his company may be looking to harness crypto innovation.

According to him, “By taking RadioShack onto the blockchain, it will be the first major consumer brand to fully embrace crypto. At the time, he was also teasing the Atlas USV launch plan.

According to information available on the website, the company has a partnership with Atlas USV (Universal store of value), a DeFi protocol that allows developers to build applications.

RadioShack plans to start its DeFi journey by creating a Decentralized Exchange (DEX) like SushiSwap that uses cash pools, meaning that holders of digital assets would be allowed to trade directly for other assets.

Before switching to crypto, RadioShack operated as a single electronic store. However, the growth of e-commerce forced it to shut down, forcing it to file for bankruptcy twice, once in 2015 and the other in 2017.

RadioShack will launch DEX

According to the company, the name of said DEX is RadioShackSwap, and it will also come with the launch of its native token called RADIO. The company urged interested members of the public to register to receive a launch notification as 10 billion RADIO tokens would be distributed.

Currently, the company’s website bed, “RadioShack DeFi will be the bridge between [sic] who control the companies of the world and the new world of cryptocurrencies.

Interestingly, Atlas USV is owned by duo Alex Mehr and Tai Lopez. In addition, the duo finalized the acquisition of RadioShack in 2020.

Posted in: Adoption, DeFi

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