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RadioShack is building a decentralized cryptocurrency exchange

The former electronics goods retailer is getting into cryptocurrency.
St. Louis, Missouri, USA - January 6, 2015: With a weathered, worn sign above the door, a RadioShack (NYSE: RSH) retail store located on Brentwood Boulevard in St. Louis, Missouri announces clearance sales with store signs in windows.
cbarnesphotography via Getty Images
Mariella Moon
Mariella Moon|@mariella_moon|December 22, 2021 6:47 AM

RadioShack — yes, that RadioShack that used to sell electronic goods — is now a crypto business. The company filed for bankruptcy back in 2015 after 11 unprofitable quarters in a row, bringing it's almost 100-year history to an end. After that, the former retail chain's branding rights were sold several times until they were acquired by Retail Ecommerce Ventures Review (REV). If you visit RadioShack's website right now, you'll see a banner talking about its new mission to bring cryptocurrency to the mainstream. You'll also see a sign up section to be notified as soon as its RADIO token launches. 

As CNET and Tom's Hardware explain, RadioShack is building a Decentralized Finance ecosystem in partnership with the Atlas USV (Universal Store of Value) protocol. Atlas was designed by Alex Mehr and Tai Lopez, who are also the duo behind REV. RadioShack's DeFi ecosystem will start with a decentralized exchange, which the company describes as the "lowest hanging fruit that is full of opportunities" on its website. When it's up, the DeFi exchange will allow users to send cryptocurrency directly to each other rather than through an exchange service like Coinbase.

Based on what's written on RadioShack's website, REV is hoping that the "100-year-old brand" is embedded enough "into the global consciousness" to encourage widespread crypto adoption. It's even hoping that RadioShack could become the gateway for large corporations like Starbucks and Louis Vuitton to becoming blockchain companies. It's a lofty goal, especially for a brand that declared bankruptcy twice within the span of a few years. If you're interested in reading REV's plan for RadioShack, though, you can check out its documentation for the project on its website.

RadioShack is building a decentralized cryptocurrency exchange