At time of writing, the new token is rumoured to be called ‘Monster Money Token’ and, according to reports, will be launched sometime in the near future via an ICO (initial coin offering).
The company famously lost out to Apple in the battle to acquire Beats By Dre headphones; Apple paid $3 billion for the wildly popular brand.
What could have been…
However, the once mighty audio technology firm has fallen on hard times and is willing to do almost anything to stay afloat in this increasingly competitive technology sector.
Blockchain to the rescue
In an SEC application, the company said: “As we develop Monster Money Network and our backend systems, we intend to utilize the blockchain technology to our marketing, accounting and audit, internal control and shipping management functions.
“We believe the blockchain innovation will bring disruptive advancement to our E-commerce and business operation systems.”
However, as Monster stocks are not currently traded on any US market and the California-based audio technology firm has admitted that it ‘cannot assure you that MMNY Tokens will be traded on such exchange in a timely manner or at all’.
So, after reportedly losing almost $20 million dollars in the first quarter of 2018 alone, it remains to be seen whether or not launching a cryptocurrency token will prove to be the saving grace Monster hopes it will be.
This is not the first time a company with nothing to do with blockchain technology has launched a token via an ICO having fallen on hard times, financially-speaking, in a desperate bid to stay afloat…
Other high-profile examples include the once dominant imaging company KODAK who, last year, introduced something called ‘KODAK coin’ for similar reasons.
Another example is The Long Island Iced Tea company; the drinks brand actually changed its name to ‘Long blockchain’ in an attempt to attract investor attention.
Funny as it sounds, the company’s stock rose over 100% shortly thereafter.
Indeed, the tactic is often successful, to varying degrees, thanks to the lucrative hype surrounding all things blockchain and cryptocurrency-related.
So, if in doubt, launch a token!