American retailer RadioShack that rebranded itself into an online-focused brand in 2020, is considering to foray further into the crypto market as an exchange platform. Banking on its established market reputation, the company is planning to target older CEOs and help them enter the crypto space. Citing research, RadioShack website says the average CEO age for companies is 68 years, but people that age often refrain from trying out new technologies.
The company, that recently launched its own native token RADIO, believes that cryptocurrency companies are not taking the “old-school, customer feel comfortable” approach to rope in elderly investors to enter the crypto space.
“There is a real generational gap between the average crypto buyer and the average business decision-maker. This demographic difference creates a substantial psychological barrier to crypto adoption. We will be the bridge between the CEOs who lead the world’s corporations and the new world of cryptocurrencies,” says the company website.
Earlier this month, the 100-year-old company that was founded in 1921 also launched RadioShack DeFi (decentralised finance). These DeFi systems make financial products appear on public blockchain without falling under the regulations of banks and national or international administration
“Crypto hasn’t even gotten started yet. What an opportunity for those who come to market quickly,” an official RadioShack blog said.
The cryptocurrency market is booming internationally. Presently, the global crypto market capitalisation is around $3 trillion (roughly Rs. 2,15,66,720 crore) as per the data by CoinMarketCap.
The year 2021 has emerged as a benchmark for the crypto market in other ways as well.
For instance, a recent report by PitchBook Data revealed that crypto-related firms collectively raised more than $30 billion (roughly Rs. 2,27,617 crore) from venture capital firms in 2021, making it the highest collection so far. In 2018, the same number was $8 billion (roughly Rs. 60,704 crore).
