UPDATE — Long (Island) Blockchain: Iced tea company follows tech craze and pivots – CIO Dive

Update: On Tuesday, Long Blockchain Corp reversed its decision to offer common stock, according to a company announcement. It still expects to buy 1,000 bitcoin mining rigs but the company cast doubt on whether it could “finance the purchase of the mining equipment.” After revealing its name change and new business focus in late December, the company experienced nearly a $70 million market capitalization, or 289% rise in stock, reports Bloomberg.

Dive Brief: The New-York based parent company of Long Island Iced Tea announced plans to refocus its attention to the blockchain market, rebranding itself “Long Blockchain Corp.,” according to press releases. The company will also continue its “ready-to-drink segment” of the business. Long Blockchain Corp. is still in development, but is expected to pursue opportunities including building blockchain infrastructure or software for financial services. The company is also looking into platform for “smart” contracts for “building decentralized applications that provides scalability beyond” what is available now.  The company’s stock rose 289% following the news, marking an 18-month high for the company, according to Nasdaq.  Dive Insight:

The hype surrounding blockchain may seem a

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