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Know Labs has been renamed to USBC, focusing on the development of US dollar stablecoins.
According to reports, the publicly traded company Know Labs, Inc. has officially changed its name to USBC, Inc. (NYSE American: USBC) and has adopted the new stock code "USBC". This name change is the result of a $125 million strategic acquisition completed by Goldeneye 1995 LLC on August 6, led by the new chairman and CEO Greg Kidd.
Kidd stated that the rebranding signifies the company's focus on the development of the USBC deposit token. This dollar stablecoin is based on blockchain technology, integrates digital identity features, and offers high-yield rewards. It is worth noting that USBC has adopted a Bitcoin Treasury strategy to support its diversified business development in areas such as fintech and health monitoring.
The company emphasizes that existing shareholders do not need to take any action, and the CUSIP number remains unchanged. This transformation comes at a time of changing global regulatory environments, and USBC specifically mentions the risk of Bitcoin price volatility affecting its balance sheet in its financial report.