Ice tea company selling drinks business crypto firm

Even though the majority of people in the crypto sphere, as well as people in relevant businesses, enter the fold for long-term benefits, many companies and organizations are still tempted by short-term gains.

In the crypto greens of 2017, many companies turned towards the cryptocurrency sector to cash in on the momentum. Many companies were able to increase the value of their shares through the process including the United Kingdom’s Veltyco.

The gaming firm announced that it was talking about blockchain adoption with several providers following that the firm saw a huge rise in its stock price.

Another company that followed suit was the Long Island Iced Tea Corporation. The firm disclosed its plans about pivoting onto blockchain technology. The move caused the company’s shares to raise four folds.

The company had then intended to keep selling drinks as well. However, now the firm unveiled that they are planning to sell their drink business rights to EC22 Ventures Corp.

The firm now titled as Long Blockchain is based in Farmingdale and has conducted drinks business for many years.

As the shares saw a huge rise, the Securities Exchange Commission (SEC) started an investigation on the company in 2018. However, until that time the company’s market cap value had decreased to one-tenth of what it was in late 2017.

Now the company has closed a deal with the Canadian EC22 Ventures Corp incorporating a transaction with both cash and shares. The company is hoping to raise two million dollars for the arrangement. The company’s shares are trading at 34 cents as of now.