Legendary electronics retailer, RadioShack, is all geared up to venture into the crypto space with the launch of a DeFi protocol and an NFT collection.
RadioShack, in a bid to commemorate the company’s 100 years, plans to enter the decentralized finance sector. In an official tweet, RadioShack has stated that the century-old electronics retailer wants to enable mainstream DeFi adoption and be the first protocol to bridge the gap of consumer usage of this upcoming financial sector.
RadioShack’s DeFi partner
RadioShack has partnered with Atlas USV (Universal store of token) which is a community driven project to build a universal, decentralized and widely accessible DeFi base layer, to help scale the sector. The main motive behind this collaboration is to create a system of constant inflow of third-party tokens to the DEX and exchange them for discounted USV tokens. This move will allow the platform to create a decentralized exchange and mirror networks like Uniswap.
The official blog-post of RadioShack states that the Atlas USV protocol provides an edge by providing long-term liquidity as it is not a reward oriented, short-term provider of liquidity. In this way, the liquidity providers can get hold of new tokens and exchange them for a profit. The company, in it’s recent blog-post, has also mentioned,
“This mechanism allows USV users to purchase third-party tokens in the open market and then transfer them to the Atlas USV treasury in return for newly minted USV tokens. The Atlas USV treasury can accumulate any crypto asset of its choice with this dynamic.”
According to the website, RadioShack is also promoting its own collection of NFT. The firm has collaborated The Franklin Mint, Modell’s Sporting Goods, and others to launch the tokens. The non fungible token line-up consists of around 74 assorted pieces, including drawings of the company’s CEO, Alex Mehr. The collection also comprises of 3D designs, sports-themed photographs, vehicle photos, and other various designs. Keeping in line with the company’s tradition, they will be launching their own token called RADIO. It also plans to distribute 10 billion of these RADIO tokens. The company, however, has not yet specified any details of the launch but interested members of the public can sign up for a notification of the launch.
Once a huge electronics retailer, RadioShack couldn’t keep pace with the e-commerce boom and had filed for bankruptcy twice in 2015 and 2017. In November 2020, it was acquired by Retail Ecommerce Ventures (REV), a holding company owned by Tai Lopez and Alex Mehr.