RadioShack Is Launching a DeFi Market To Bring Crypto to Older Generations
“The older generation simply doesn’t trust the new-fangled ideas of the Bitcoin youth.”
American retailer RadioShack is shifting its focus from electronics to crypto, claiming that it will be able to bridge the gap with older generations and bring blockchain technology closer to mass adoption.
“It is our hypothesis that the best way for crypto to be more mainstream is for an established brand name in the tech space to lead the way,” RadioShack writes in its proposal.
“The older generation simply doesn’t trust the new-fangled ideas of the Bitcoin youth,” it adds.
The 100-year old franchise recently laid out its plans, announcing the launch of a RADIO token as part of RadioShack DeFi (decentralized finance). Decentralized finance describes blockchain-based protocols that allow people to exchange funds without the need for an intermediary, like a bank.
Are you ready? https://t.co/gXXKXc1UT2#RadioShack #Blockchain #Cryptocurrency pic.twitter.com/rXT3HvGli1
— RadioShack (@RadioShack) December 19, 2021
RadioShack’s DeFi plans will help users trade tokens with each other without having to go through a traditional broker. The project is made possible through the Atlas USV (short for Universal Store of Value) protocol, which allows other applications to be built on it.
RadioShack filed for bankruptcy in 2015 and again in 2017. The legacy retailer was bought by Retail Ecommerce Ventures in 2020, run by Alex Mehr and Tai Lopez, who are also the minds behind Atlas USV. Retail Ecommerce Ventures has a holding company portfolio of a number of established-but-struggling retailers, including Pier 1 Imports, Steinmart, and Dressbarn.
”RadioShack has one objective: Distribution and usage by millions of individuals but possibly more important, by hundreds of blue-chip, large corporations as their gateway into becoming blockchain companies,” the company writes.
RadioShack goes on to say that the crypto industry has thus far missed the mark by focusing on “speculation and not enough on making the ‘old-school’ customer feel comfortable.” It notes that there is a “real generational gap” between the average crypto user and a corporate CEO.
“This demographic difference creates a substantial psychological barrier to crypto adoption,” the company says.
While it’s unclear when the RADIO token plans to launch, you can sign up for the waitlist via the company’s website. ”RadioShack, and RadioShack alone, can bridge the gap and ‘cross the chasm’ of mainstream usage for cryptocurrency,” the company claims.
In other news, Jack Dorsey and Elon Musk recently ignited a debate on who actually owns web3.