Crypto Rebrands: Raiblocks Becomes “Nano” 🚨 This article is 6 years old...
Crypto Rebrands: Raiblocks Becomes “Nano”
2 min read
Updated: Feb. 1, 2018 at 7:15 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The popular cryptocurrency project known for its fast transaction times, Raiblocks, announced yesterday that they will be rebranding to the name “Nano.” This is an attempt to better resonate with the public and mainstream audience.
Hello Nano
Nano is a digital currency for the real world. As many third generation blockchains focus on, Nano is infinitely scalable, but also works on making these payments seamless and easy to use.
Back in December when Nano was known as Raiblocks, its price began rising exponentially, going from $1 to $27 over 3 weeks.
In the recent crypto bloodbath we are seeing now, Nano (XRB) is trading at around $16.
Rebrands can work…Just ask NEO
Anyone remember Antshares? This was what NEO was called just 7 months ago. Their logo was a cute blue ant and its sister-token, GAS, was called Antcoins. The rebranding occured was when NEO was worth around $7.
After the rebrand, NEO skyrocketed to $55, with what seemed to be perfect timing by the NEO team in rebranding (many other coins boomed in price soon after).
Rebrands work, but it’s not a decision to be taken lightly. Nano only decided this because they knew that “Raiblocks” would sound strange aside mainstream financial institutions.
In a statement that was released after the announcement called “The Rebrand Rationale,” the team stated:
“Beyond having a name which is easy to pronounce and globally understood, it was important to have a name that reflected the core values of the product. When you think of the word nano, you envision a very short amount of time. This reference fits, as transactions are virtually instant and with no fees attached, we are ideally suited for micro transactions. In this respect, the name makes perfect sense.”
For more information on Nano, check out our coin profile and watch this short video (1:32):
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