RadioShack Corp is planning to launch a cryptocurrency trading platform for the older generation. On Tuesday, the company’s new chief executive, Joe Magnacca, revealed this newly established plan during the retailer’s second-quarter earnings call.
The new cryptocurrency exchange will be aimed mainly at the elderly. Magnacca noted that the company has been developing an in-house trading platform over the past year, which it will utilize to support its digital efforts.
Magnacca claims that building The Shack was always part of his company’s long-term strategy. However, he had previously been reluctant due to the volatile nature of the market.
The store intends to cater to senior citizens and help them navigate the world of cryptocurrencies. This platform will provide a safe and convenient exchange service to attract more customers, with all fees kept at just one percent.
This news comes at a time when interest in cryptocurrencies is becoming more mainstream than ever before. Having lost around 60 percent of its value since December 2017, Bitcoin has lost much of its luster but is still being actively traded on exchanges around the world.
RadioShack filed for bankruptcy protection in 2015. The company’s partnership with Overstock will give them a way to use their existing infrastructure and bring in new customers at the same time. RadioShack had previously voiced its interest in becoming an online retailer, so that idea is a natural progression.