The cryptocurrency madness is continuing – companies are starting to change their names to include the word “blockchain”and thus raise the price of their stocks. According to the report from Verge, Drinks Corp became Long Blockchain, which instantly raised the price of its stocks by 200%.
Similarly, a startup from California called Vapetek change its name to Nodechain, while making vague promises about its future plans related to the blockchain technology.
This practice is going on and has become an interesting phenomenon. In October, a little known veteran in the telecommunications industry in the United Kingdom was renamed to Blockchain-centric outfit, adding the word “blockchain” to its name. The stocks of the company quickly jumped from 15 pounds (around 20 US dollars) to 84 pounds (around 112 US dollars) in the next couple of days.
This trend can also be observed in Asia, where a tea manufacturer from Hong Kong called Ping Shan Tean Group is now operating under the name Blockchain Group Co. It is still not clear how adding the word “blockchain” influenced the business or products of the tea company.
In Russia, we can see a new marketing being developed for the cryptocurrency consumers. One chain of sushi restaurants included a drink named after one ICO in its menu.
Burger King, a famous US fast food chain, was also experimenting with its own token, which was named Whoppercoin, after the famous products of the fast food giant.