Odaily Planet Daily reports that publicly traded Know Labs, Inc. has officially changed its name to USBC, Inc. (NYSE American: USBC) and adopted the new stock symbol "USBC." The name change stems from Goldeneye 1995 LLC's $125 million strategic acquisition, completed on August 6th. The company is led by newly appointed Chairman and CEO Greg Kidd.

Kidd stated that the name change signals the company's focus on the development of the USBC Deposit Token. This USD stablecoin, based on blockchain technology, integrates digital identity features, and offers high-yield rewards. Notably, USBC has adopted a Bitcoin Treasury bond strategy to support its diverse business development, including fintech and health monitoring.

The company emphasized that existing shareholders do not need to take any action, and its CUSIP number remains unchanged. This transformation comes amidst a shifting global regulatory environment. In its financial report, USBC specifically mentioned the risk of Bitcoin price fluctuations affecting its balance sheet. (globenewswire)