Long Blockchain

From CryptoMarketsWiki
Jump to: navigation, search


Long Blockchain Corp.
Founded 2011
Headquarters Long Island, New York, USA
Website Long Blockchain Corp

Long Blockchain (LBCC), formerly known as the Long Island Iced Tea Corp., is a company allegedly seeking to explore the benefits of blockchain technology.[1]

Background

The company was originally known as the non-alcoholic beverage producer Long Island Iced Tea Corp. In December 2017, the company announced that its business model would shift towards exploring blockchain and cryptocurrency-related services, rebranding as "Long Blockchain." After the rebrand, the company's stock price exploded, increasing more than 300 percent. The company announced it would be ordering equipment to start a bitcoin mining operation, but later announced that it had canceled the order. In April 2018, Long Blockchain was delisted from the Nasdaq stock exchange, which caused its stock to drop.[2][3]

In July 2018, the company created a subsidiary called the Stran Loyalty Group (SLG), which would focus on creating loyalty and gift card programs to various companies. It formed a partnership with Stran Promotional Solutions (SPS), a promotional services company. Stran Loyalty Group's newly-appointed CEO Andy Shape said that it planned on using distributed ledger technology.[4][5]

Long Blockchain was subpoenaed by the SEC on July 10, 2018. According to Long Blockchain, this was because the SEC believes the company "made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology." Long Blockchain said in a press release that it was "fully cooperating with the SEC's investigation."[6][7]

References