With the highly volatile crytocurrency Bitcoin rattling the cages of investors the world over, it shouldn’t come as too much of a surprise to find that Vapetek Inc., a publicly traded vape company based in California, has renamed itself to Nodechain Inc. and changes its domain name (website address) accordingly.
While some may perceive this move to be an attempt to cash in on the ongoing hysteria sparked by Bitcoin’s meteoric rise, The Verge reports that the move comes with an explanation: the company says it has numerous GPU mining rigs that it purchased from a U.S. supplier and by their estimates, they can pull in somewhere around $500 (USD) in cryptocurrency a day, per machine. Reportedly, the company intends to explore various cryptocurrencies, of which Bitcoin and Ethereum are just a couple.
Other companies, in a much more audacious fashion, have changed their names merely in an attempt to cash in on the excitement surrounding cryptocurrencies. One such company, Like Ping Shan, changed its name to include “Blockchain” while reportedly continuing to manufacture tea, which is what they did before they changed their name.
Another company, formerly the Long Island Iced Tea Corp., pulled a similar move – changing its name to Long Blockchain Corp and saw its stock value immediately skyrocket. And they’re certainly not the only ones to have successfully pulled off the stunt. Take the bio-tech company Bioptix Inc. for example. They changed their name to Riot Blockchain Inc. and saw their stock price surge.
With all of this cryptocurrency mania, where will it all end? With a collapse of epic proportions? Share your thoughts in the comments section below.