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Long Island Iced Tea Corp said blockchain technology was a "once-in-a-generation" opportunity |
New York-based non-alcoholic RTD producer Long Island Iced Tea Corp is to shift its focus from beverages to cryptocurrency technology.
The company said today it will start exploring and investing in "opportunities that leverage the benefits of blockchain technology". Blockchain is the digital technology that underpins cryptocurrencies including Bitcoin.
Long Island Iced Tea Corp said it will continue to operate its beverage subsidiary, Long Island Brand Beverages, which owns flagship brand The Original Long Island Brand Iced Tea. However, its "primary corporate focus" will be "globally-scalable blockchain technology".
CEO Philip Thomas said: "We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry.
Cryptocurrency has exploded in value over the past year, with growth in the past few months accelerating. The value of leading cryptocurrency Bitcoin tripled between 12 November and 12 December.
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