RadioShack Shifts To DeFi

Over the weekend, the company confirmed that RadioShack’s shifts to Defi or decentralized finance, a term that explains blockchain-based protocols that allow people to send, trade, receive, lend and borrow funds without intermediaries. The Radioshack DeFi website now reads that it will be the bridge between CEOs who control the world’s corporations and the world of crypto.

According to the documents of the website, Radioshack can bridge this gap and “cross the chasm” of mainstream usage for cryptocurrency.”

The website touted a partnership with Atlas USV which is a DeFi protocol that allows applications to be built on top of it. Now, RadioShack Defi tries to create a decentralized exchange similar to SushiSwap or Uniswap that taps into liquidity pools so this model allows token holders to trade directly for other tokens. Atlas’ Ethereum-based token is new enough and it isn’t even one of the 10,000 assets which are tracked by CoinMarketCap and CoinGecko.

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However, it can be traded on DEXs. According to RadioShack, the protocol will allow USV users to purchase third-party tokens on the open market and then transfer them to the Atlas USV treasury in return for discounted USV tokens.

If you haven’t heard of Atlas USV that supplies the technology for the venture, you might not be surprised to hear that it is actually created by Alex Mehr and Tai Lopez who bought RadioShack last year. Lopez confirmed in a video that he is taking RadioShacks on the blockchain and it will be the first mainstream brand that flipped into crypto while he also teased the upcoming release of the Atlas USV.

RadioShack as a well-known electronics store, could not weather the e-commerce boom as it filed for bankruptcy in 2015 and then again in 2017. it managed to maintain alive by keeping a few franchised shops open and maintaining an online store. Retail Ecommerce Ventures run by CEO Mehr and Executive Chairman Lopez purchased it in 2020.

REV owns most of the chains that used to define US retail-like Pier1, DressBam, and more. The general strategy is to pivot failing retailers into e-commerce while courting the co-investors to pitch in. Also, RadioShack will now launch its own token dubbed RADIO. The interested members of the public can sign up for the launch but the plan is to distribute 10 billion tokens.

This article is firstly and originally appeared on DcForecasts.com and redistributed by Grabcoins.link.

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