CannabisNewsWire
Editorial Coverage: While skepticism of bitcoin remains, this
most popular of the cryptocurrencies continues skyrocketing in
value and gaining traction in various industries. Cryptocurrencies
like bitcoin are proving especially valuable as a solution for
high-risk industries like cannabis, which remains largely unbanked
in the United States due to marijuana’s continued status as a
Schedule 1 drug under the Controlled Substances Act. Enterprising
companies like SinglePoint, Inc. (OTC: SING)
(SING
Profile) are utilizing cryptocurrency
as a means of bypassing federal restrictions and providing cannabis
businesses with the financial transaction solutions they so
critically need. SinglePoint recently entered into a multiphase
joint venture with Smart Cannabis Corp. (OTC:
SCNA) relative to this endeavor, and through this and
other strategic joint ventures, collaborations and internal
application development is energetically striving to provide a
compliant payments solution for the cannabis industry. Other
standout players exemplifying the big potential of
cryptocurrency-related ventures include Bitcoin Services
Inc. (OTC: BTSC), Square, Inc. (NYSE: SQ)
and PayPal Holdings, Inc. (NASDAQ: PYPL).
Whether you are skeptical about bitcoin and other
cryptocurrencies or believe the future of finance lies within them,
the steamrolling growth of these virtual currencies is undeniable.
Earlier this year in Japan, cryptocurrencies became nationally
recognized as a legal form of payment, and initial coin offerings
(ICOs) have jumped from raising just a few hundred million dollars
in 2016 to raising more than $3 billion in 2017 (http://cnw.fm/zs5Ky). So far during December, bitcoin
has broken the $17,000 mark in terms of value per coin, which is an
astronomical rise from where the cryptocurrency sat at the
commencement of 2017—just under $1,000 per coin as of Jan. 1
(http://cnw.fm/1KnDQ).
In serving unbanked and under-banked markets like the cannabis
industry, the potential of cryptocurrency is clear. And even if
marijuana becomes federally legal in the United States, the crypto
solutions being pioneered by companies like SinglePoint
(SING) will continue to have application in serving
these and other enterprises—both high-risk and low.
SinglePoint has become a first mover in the U.S. with its
proprietary bitcoin payments solution, which enables cannabis
merchants and customers to respectively sell and purchase marijuana
and marijuana-related products using credit and debit cards through
the vehicle of bitcoin. The solution is fully KYC-AML compliant and
can be deployed in any business, so while it is designed to serve
cannabis businesses its potential doesn’t end there.
The solution, known as SingleSeed Payments, can be used in any
state where marijuana enjoys legal status. Customers can sign up
for the service at the point of sale or set up an account prior to
visiting a cannabis dispensary. They can then conveniently make
bitcoin-powered purchases using their debit and credit cards, just
as they would buy any type of merchandise in any other type of
store.
SinglePoint’s solution will also allow marijuana dispensaries to
digitally track their product inventories and upload related data,
such as photos and product descriptions. When a customer purchases
a product, it will be automatically deducted from the merchant’s
inventory listings.
SinglePoint’s proprietary bitcoin exchange (app.singleseed.com)
was soft-launched on Nov. 15, and its official launch is slated for
the first quarter of 2018.
If at a future point the U.S. government legalizes marijuana at
the federal level, SinglePoint’s solution will be poised to spread
even farther as an optimal means of processing retail cannabis
payments via cryptocurrency. The company’s ultimate goal is to
offer a fully integrated solution that will enable businesses of
all kinds—not just cannabis enterprises—to manage their day-to-day
operations from start to finish.
Key components of SinglePoint’s expansion strategies include
acquisitions and partnerships, and the company has been pursuing
both with aplomb as it solidifies its position within the cannabis
and cryptocurrency markets. As previously mentioned, SinglePoint
recently entered into a joint venture with Smart Cannabis
(SCNA), having identified the joint venture as another
prime opportunity to make a major move into California before
blanket marijuana legalization takes place in that state in
January. SinglePoint previously acquired Discount Indoor Garden
Supply in California (http://cnw.fm/DIeU0) and also invested in
California-based cannabis equipment supplier Convectium (http://cnw.fm/5rA5a).
In partnering with Smart Cannabis, SinglePoint gains a unique
opportunity to capture significant market share within California’s
explosive commercial marijuana cultivation market. Smart Cannabis’
products include automated greenhouse systems and a unique
seed-to-sale app for marijuana growers. Through this joint venture,
the two companies plan to license Smart Cannabis’ SMARTAPP and sell
it to growers as well as incorporate bitcoin currency on the app,
making it both a seed-to-sale and payment mechanism.
SinglePoint has also formalized a previously announced joint
venture agreement with AppSwarm (SWRM) to begin developing a
proprietary delivery application allowing licensed delivery
companies and licensed cannabis dispensaries to securely and safely
make in-home deliveries of marijuana products.
In yet another move to strengthen SinglePoint’s footing within
the cannabis and cryptocurrency markets, the company has signed an
agreement with leading fintech solutions provider Global Payout
(GOHE) to advance and streamline the process involved in delivering
payment applications. MoneyTrac Technology, Inc. (“MTRAC”), a
majority-owned subsidiary of Global Payout, is at the vanguard of
developing various payment solutions within the cannabis industry
and has executed numerous recent partnerships to significantly
expand its network within the marijuana market. SinglePoint plans
to leverage its own mobile payments expertise and other mobile
services to further bolster MTRAC’s technology platform and add
value to its services.
“Through strategic joint ventures and inside development of
applications we are pushing hard on providing a compliant solution
to the cannabis industry,” SinglePoint President Wil Ralston said,
as quoted in a recent press release (http://cnw.fm/jXT2M). “Our team and others have worked
well in collaboration, and believe we are not far away from an
official launch of this solution in the first quarter of 2018. This
will be a major step for SinglePoint and our partners.”
Strategic acquisitions have fostered significant corporate
growth for SinglePoint, and the company’s management team is
preparing to make further acquisitions and also to invest a
substantial amount of equity and cash into other companies during
2018.
As management noted in a recent recap of 2017 (http://cnw.fm/7uW3w), SinglePoint entered into a rapid
pace of growth at the outset of the year and recently marked a
corporate milestone as it notched a $100 million-dollar market cap.
SinglePoint has also brought in just over $1 million in funding and
has access to an additional $3 million, and the company has
increased revenue and assets throughout the year and foresees
significant increases during 2018.
The validity of cryptocurrency-related ventures is also being
exemplified in the activities of players like Bitcoin
Services (BTSC), which, among its endeavors, provides
bitcoin escrow services, develops and commercializes blockchain
software, and also mines cryptocurrency. BTSC’s stock has made an
impressive jump during 2017, starting out the year at just $0.01
per share and climbing to a YTD high of $0.45 per share near the
end of November. This year, BTSC formed Crypto Capital Corp., a new
subsidiary, to develop a crypto wallet that will let users securely
store various digital currencies in one wallet.
Major names like Square (SQ) and PayPal
(PYPL) are also breaking into the cryptocurrency space,
with Square recently launching a trial that allows some of its Cash
App users to buy and sell bitcoin (http://nnw.fm/3kzWT) and PayPal empowering its users
to purchase bitcoin through marketplaces like Paxful.
While the future of cryptocurrencies like bitcoin is hotly
debated, there is no denying the current superstar status of these
virtual moneys. As the value of bitcoin continues to climb and
climb, more and more major players are looking for ways to get
involved. Enterprising companies like those named are demonstrating
that, whether cryptocurrency represents the future of commerce or
is just a fad with a bubble that is certain to burst, it continues
to be a hot commodity in the present and has definite application
in serving major markets like the cannabis industry.
For more information on SinglePoint please
visit: Singlepoint,
Inc. (SING) or www.SinglePoint.com
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