New York, New York (NetworkNewsWire) – NetworkNewsWire Coverage:
Within America’s explosive legal cannabis market—projected to
potentially reach a staggering $50 billion valuation by
20261—legal uncertainties and blockades continue to pose
challenges. One of these challenges is a lack of banking options
for marijuana merchants, who are largely forced to conduct cash
transactions, as cannabis businesses currently do not have the
backing of the FDIC and, consequently, do not have access to
traditional banking options. Necessity is the mother of invention,
and enterprising companies are endeavoring to skirt federal
restrictions and provide cannabis companies with innovative
financial transaction options to meet their growing needs. One
company racing to fill this cannabis payment options void is
standout player SinglePoint, Inc. (SING) (SING
Profile), which is currently on the fast-track to
debuting a payment processing solution utilizing cryptocurrency.
This pioneering solution has been developed in collaboration with
First Bitcoin Capital Corp. (OTC: BITCF). The
validity and promising potential of bitcoin as a solution for
marijuana vendors is apparent in view of the staggering success of
bitcoin, evidenced in recent gains and in the activities of
companies like Bitcoin Services, Inc. (OTC: BTSC),
Amazon.com, Inc. (NASDAQ: AMZN) and
Overstock.com, Inc. (NASDAQ: OSTK).
As of August 14, bitcoin continued its hike to reach a record
high of $4,302.36 per coin. Overall, bitcoin has gained about 80
percent since July and, since the start of 2017, has gained a
whopping 257 percent2. Such activity clearly shows a
promising future for bitcoin and other cryptocurrencies like
it.
SinglePoint
(SING) is right at the cutting edge of employing
cryptocurrency as a solution for businesses within the cannabis
market. The company plans to launch a beta version of its bitcoin
solution at the Las Vegas Marijuana Business MJBIZCON event, which
takes place November 14-17.
SinglePoint’s new bitcoin exchange (http://nnw.fm/Ln5ot) is targeted at providing cannabis
businesses with a user-friendly means of accepting debit and credit
card payments and will give marijuana consumers the same
convenience, allowing them to make purchases with their cards just
as they would purchase any item at any other kind of store.
SinglePoint has begun developing an in-house solution that would
enable marijuana users to obtain bitcoin at any point of sale and
to make instant purchases powered by bitcoin when all they have is
a debit or credit card. When launched, this solution will be
applicable to other markets, as well, and could be deployed by any
type of business wishing to offer a bitcoin transaction option—not
cannabis companies only.
SinglePoint’s bitcoin application will be KYC-AML compliant.
Customers will be able to sign up for an account online prior to
visiting a merchant, or they can do it in seconds right at the
point of sale. Similar solutions have been deployed
internationally, but SinglePoint is in an early-mover position to
bring such technology to the United States. Though still a few
months from its beta launch for the solution, SinglePoint is
already amassing potential customers through its website.
SinglePoint recently purchased $Weed from First Bitcoin
Capital (OTC: BITCF) and will incorporate this
cannabis-specific cryptocurrency into its bitcoin solution, so
cannabis dispensaries and consumers can accept/use either bitcoin,
$Weed coin or both (http://nnw.fm/M9vYG). The recent initial coin offering
(ICO) launch for the $Weed cryptocurrency resulted in an impressive
yet illiquid market cap of almost $60 million.
SinglePoint and First Bitcoin Capital plan take a consumer-first
approach and heavily invest in getting customers to sign up for
cryptocurrency wallets in advance. The benefits of this approach
include ensuring customers can make their in-store purchase as
quickly as possible, and it will also enable merchants to build in
loyalty programs, special offers and more as well as to gain
insights regarding which products are being purchased, how many are
being sold, etc.
As shown in the broad potential of SinglePoint’s cryptocurrency
solution, bitcoin has widespread application that includes but also
goes far beyond the cannabis market. For more on SinglePoint’s
operations, visit the company’s IR Kit here: http://www.networknewswire.info/sing/ir/
Other companies, like Bitcoin Services Inc. (OTC:
BTSC), are also working to offer cryptocurrency
transaction options to consumers. In the first quarter of 2017,
Bitcoin Services began mining its Dash cryptocurrency, and the
company has also recently created a new subsidiary, Crypto Capital
Corp., which is developing a new crypto currency wallet that will
allow users to store multiple digital currencies all in one wallet.
Bitcoin Services Inc. is an Internet-based company focused on
bitcoin mining and blockchain software development.
Demand for bitcoin continues to increase with its price, and
big-name retailers are shifting gears to accommodate this demand.
Consumers throughout the world can now make purchases through
electronic commerce giant Amazon.com, Inc. (NASDAQ:
AMZN) using bitcoin. While Amazon does not currently
accept bitcoin directly, Purse.io connects bitcoin shoppers with
Amazon gift card holders via an app. The bitcoin shopper selects a
desired product on Amazon and creates a wish list for the item on
Purse.io. The holder of an unwanted (and not redeemable for cash)
Amazon gift card then purchases the bitcoin shopper’s desired item
with the gift card, and the item is shipped to the bitcoin
consumer. In exchange, the gift card holder receives a bitcoin
payment for the gift card. This Purse.io feature has provided
billions of shoppers with the option of making Amazon purchases on
their iOS and Android devices using bitcoin. It also lets consumers
who don’t have bank accounts or credit cards use Amazon’s
e-commerce platform, and the service further enables merchants to
register their Purse accounts and sell directly on Amazon’s
e-commerce platform.
Another major e-commerce player, Overstock.com, Inc.
(NASDAQ: OSTK), does accept bitcoin directly and stood out
as the first major retailer to do so, commencing acceptance of the
cryptocurrency in January 2014. Overstock.com partnered with
bitcoin platform Coinbase to accept the digital currency. Later in
2014, the company also created subsidiary Medici Ventures to focus
on the development and advancement of blockchain technology.
It seems clear that cryptocurrencies—with bitcoin shining as the
most valuable among them—are here to stay and likely represent what
the future of financial transactions will look like. As a prime
solution for unbankable cannabis businesses and beyond, bitcoin
seems to have a very bright future, indeed.
NNW Editorial Sources:
1) Bloomberg.com: http://nnw.fm/JSGp1
2) Business Insider: http://nnw.fm/3cbMT
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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