Former electronics retailer Radio Shack met its untimely demise back in 2015 when they filed for bankruptcy after years of desperately trying to hang on in an industry that had long ago left them in the dust. When Radio Shack fell tt truly marked the end of an era, in its hayday even the likes of Steve Jobs and his partner Steve Wozniak used that store to buy parts for the earliest inventions. However, according to Engadget, Radio Shack might soon rise from the ashes like a mighty phoenix.
After filing for bankruptcy, Radio Shack’s IP remained lurking in the shadows as it was bounced around between businesses selling the brand’s name. Retail Ecommerce Ventures Review (REV) is the company that most recently acquired Radio Shack and they have plans to bring the company back in a big way. REV wants to use Radio Shack in its mission to push cryptocurrency into the vernacular of the mainstream and they are calling it RADIO token.
According to Tom’s Hardware, REV plans to accomplish this by creating a Decentralized Finance ecosystem (DeFi), which they are currently developing in partnership with Atlas USV (Universal Store of Value). The idea is that once the DeFi ecosystem is active, owners of Radio Shack cryptocurrency tokens will be able to send and receive the cryptocurrency at their leisure without having to use a middle man like Coinbase to complete their exchanges. To put it simply, REV’s endgame is to have cryptocurrency exist independently of a central system similar to how physical money exists now. For instance, a person can just give someone a dollar without needing to deposit it into a bank first. That is what REV wants to make possible for cryptocurrency with RADIO token.
REV has communicated via Radio Shack’s website that they believe that Radio Shack as a brand is uniquely positioned to help make their cryptocurrency vision a reality. They asserted their belief that because of how recognizable Radio Shack remains to this day, due in part to its century-long history, that that will go a long way to garner both the interest and trust from the mainstream public to take their first steps in immersing themselves into the crypto sector. Essentially, they are banking on the fact that people won’t be afraid to jump into something new if it’s being piloted by a name they recognize.
If REV is successful in their initial pursuits with Radio Shack, they have expressed goals to grow out their DeFi system even further with hopes to attract the likes of Fortune 500 companies like Starbucks. If REV is able to add major players like Starbucks to their DeFi’s blockchain then that has the potential not only to attract other companies to their ecosystem but that would innately make it more appealing for the public to want to be a part of that ecosystem, too.
That being said, if all goes as planned a user would be able to make an equal exchange of their crypto coins between any of the companies within REV’s DeFi blockchain. Meaning, one’s Radio Shack crypto could be exchanged for Starbucks crypto, and vice versa. At this point, it still remains uncertain whether or not REV will succeed in their endeavor, but if they do, the way the public buys and pays for goods and services could look very different in the future.