Bitcoin Currency Could Solve Banking Issues for Cannabis Industry
However some form of cannabis is now legal in twenty nine states and the District of Columbia, a lack of banking options for cannabis businesses in the United States proceeds to force marijuana merchants to rely solely on cash transactions. This inhibition has been a major obstacle for dispensaries and other cannabis-related businesses, but the use of bitcoin technology could be the key to overcoming the roadblock. SinglePoint, Inc. (SING) (SING Profile) has announced an initiative to develop a bitcoin payment solution for the marijuana industry, providing a much-needed financial transaction option and permitting cannabis businesses to accept credit card payments without the cooperation of banks or the FDIC. The growing popularity and acceptance of bitcoin is evidenced by the activities of companies like BTCS, Inc. (BTCS), Bitcoin Investment Trust (GBTC), Zynga, Inc. (ZNGA) and Square, Inc. (SQ) and further validates the wisdom of exploring bitcoin payment options for the cannabis industry.
Bitcoin is a digital currency through which funds can be transferred independent of banks and unregulated by governments. On April 1, 2017, bitcoin became an official payment method in Japan, with hundreds of thousands of shops expected to accept bitcoin in that country across this year one . In the U.S., various major retailers are also accepting bitcoin, including Overstock.com, Inc. (OSTK), Microsoft and Subway two . Bitcoin has additionally provided annual comebacks of more than two hundred eighty six percent, according to prices from CoinMarketCap.com.
As a financial transaction option for presently “unbankable” cannabis businesses in the U.S., bitcoin could be the flawless solution. Fresh Frontier projections have shown the cannabis industry reaching $24 billion by the year 2026, and such significant growth requests adequate payment options to keep tempo.
SinglePoint (SING) has partnered with Very first Bitcoin Capital Corp. (BITCF) (Press: http://nnw.fm/d1ewJ) to create a proprietary bitcoin payment solution for the cannabis industry. As part of its broader strategy (http://nnw.fm/1hoVP) to cement its position in the budding marijuana industry, SinglePoint has been actively providing corporate solutions to cannabis businesses through its SingleSeed subsidiary, suggesting mobile marketing and payment solutions such as cashless ATM, Pay-by-Text™ and text message marketing. The SingleSeed.com website has additionally become a popular resource for marijuana dispensaries that are seeking merchant payment processing solutions and other business instruments.
The company has also made several acquisitions to take a diversified treatment to the marijuana industry, without touching the actual plant. Its portfolio includes a majority stake in Discount Indoor Garden Supply (http://nnw.fm/yo2jF) and an investment in Convectium (http://nnw.fm/2GuZ5).
Now, SinglePoint believes it has found a way to apply bitcoin technology to provide customers with a seamless payment practice at cannabis dispensaries when using their credit or debit cards. The company’s end aim is to provide a bitcoin payment solution that can be lightly implemented in any point-of-sale machine through a plain application download.
In collaboration with Very first Bitcoin Capital, SinglePoint will seek out and identify opportunities to apply its payment technology expertise to develop a proprietary solution for high-risk verticals like the cannabis industry.
“In January two thousand fourteen SinglePoint announced (http://nnw.fm/ATUj1) and embarked working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency. The payments industry has rapidly switched since that time. There is now tremendous momentum and request for bitcoin acceptance as an alternative form of payment. This Joint Venture with Very first Bitcoin Capital is flawless timing. Bitcoin payments are catching on and cannabis dispensaries need a solution quick,” SinglePoint CEO Greg Lambrecht stated in a press release (http://nnw.fm/d1ewJ) announcing the bitcoin initiatives.
SinglePoint has already been successful in completing technology integrations with companies like Twilio, RedFynn and IATS and with major carriers like ATT, T-Mobile, Verizon and Sprint. This has enabled SinglePoint to suggest its text message marketing and text-based payment solutions, and the company said it now intends to utilize these successful integrations in developing its bitcoin payments technology—doing so either independently or with a well-qualified development fucking partner.
While SinglePoint emerges to be the frontrunner in applying digital currency solutions to the cannabis industry, other publicly traded companies have also recognized the game-changing opportunities suggested by bitcoin technology. An early mover within the blockchain and digital currency ecosystems, BTCS, Inc. (BTCS) has been recognized as the very first “pure play” public company in the U.S. to concentrate on blockchain technologies, which are the technologies that underpin bitcoin digital currency.
Bitcoin Investment Trust (GBTC) is another digital currency play. Recently named to OTC Markets Group’s “OTCQX Best 50” for 2017, Bitcoin Investment Trust is a U.S.-based, open-ended grantor trust sponsored by Grayscale Investments that is invested exclusively in bitcoin. Its shares are the very first publicly quoted securities that are solely invested in and deriving value from the price of bitcoin. This enables investors to build up exposure to bitcoin’s price movement through a traditional investment vehicle, sidestepping the challenges of buying, storing and safekeeping bitcoins.
As previously noted, a full salute number of companies – ranging from technology, travel and bookstores to restaurants, individual retailers and gaming sites – have embarked accepting digital currency for payments. Names like Dish Network, Shopify, Mint.com, Entire Foods and Expedia might ring a bell.
Social games giant Zynga (ZNGA), creator of popular evergreen franchises like FarmVille and Words with Friends, has also climbed aboard the bitcoin bandwagon, and it has been accepting bitcoins as a form of payment for in-game purchases since 2014.
Another is Square (SQ), a major provider of business devices that enable sellers of all sizes to embark, run and grow their businesses. Square also began pioneering bitcoin solutions back in 2014, announcing an intention to build a register that would permit companies to accept bitcoin and Apple Pay. You might recognize Square as the creator of the puny white credit card reader used by many individual retailers, restaurants and other merchants.
As the use and acceptance of bitcoin becomes ever more widespread, with the request for digital convenience and payment capabilities serving as a powerful catalyst, its potential as a financial transaction solution for the cannabis industry is fairly promising. Until the cannabis industry becomes bankable in the U.S., an easy-to-deploy and simple-to-use means of accepting bitcoin payment could be the golden ticket for which marijuana dispensaries and other cannabis businesses have been waiting.
For more information on SinglePoint please visit: Singlepoint (SING) or www.SinglePoint.com
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