RadioShack enters the crypto industry

Does this old dog still have a trick?

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Longtime tech chain store RadioShack plans to sell a new item: cryptocurrency. The company said it is “bringing cryptocurrency to the general public.”

RadioShack DeFi (short for Decentralized Finance) is the new venture in the retail chain as featured on its website on Sunday. This means that it will allow users to trade tokens with each other rather than in an exchange like Coinbase and Binance.

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“RadioShack, and RadioShack alone, can bridge the gap and ‘cross the chasm’ of mainstream cryptocurrency use,” the company says on its site.

It can be a bit confusing for those who have known the channel for a long time, but here is an explanation of what is going on. RadioShack DeFi, once opened, will allow users who register will have the ability to exchange their crypto tokens with each other without one entity handling all transactions. This is done through smart contracts on the ethereum blockchain. Examples of this type of protocol similar to RadioShack DeFi are Uniswap and SushiSwap.

RadioShack has not provided a date when it will open its exchange, but there is a waiting list for those interested to join. Users will need to link their digital wallets to RadioShack DeFi in order to start trading.

There are currently over 400 RadioShack stores in the United States. The channel was bought in 2020 by Retail Commerce Ventures, a holding company that is also behind the Atlas USV DeFi protocol, which will be used for RadioShack DeFi.

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