NetworkNewsWire Editorial Coverage: The cannabis market in the
U.S. and worldwide continues to grow, but that doesn’t mean
everyone is open to the idea of legal marijuana. The banking
industry is one example, as the Federal Deposit Insurance
Corporation (FDIC) has generally been unsupportive of backing
cannabis-related investments. Since marijuana hasn’t been legalized
at the federal level, most banks are hesitant to have any part of
the $6.7 billion marijuana industry. While many industry experts
expect this stance to change amid growing support for a bankable
marijuana industry, 70 percent of cannabis companies currently
operate without access to a corporate bank account. Industry
innovators are gearing up to fill this payments gap, however.
SinglePoint, Inc. (SING) (SING
Profile) recently announced an alternative payment
solution in partnership with First BitCoin Capital Corp.
(BITCF) to develop a bitcoin payment solution for the
marijuana industry. Other major players on the rising bitcoin
market include price-tracking Bitcoin Investment Trust
(GBTC) and a growing number of retailers, including
Overstock.com, Inc. (OSTK) and mobile gaming
company Zynga, Inc. (ZNGA), that are currently
accepting digital currencies.
A lack of bank support hasn’t deterred SinglePoint,
Inc. (SING) from aggressively expanding its market reach to the
29 states that have legalized medical marijuana. Demonstrative of
its insight into the opportunities afforded by mounting acceptance
and legalization of marijuana, SinglePoint recently announced its
partnership with First Bitcoin Capital (BITCF), a
leading provider of bitcoin technology, to create a viable payments
solution for unbanked cannabis businesses.
Using “blockchain
technology”, the solution will target high-risk payment
verticals and enable customers to use their credit or debit cards
at a medical/recreational cannabis dispensary – a capability that
will benefit customers as well as the swelling number of cannabis
suppliers and dispensaries across the nation.
"We are optimistic that our partnership with SinglePoint will
produce positive cash flow to our bottom line. Between the two of
our companies, we will have the ability to develop a best in class
solution and SinglePoint will be able to help in distribution. We
look forward to providing cutting edge products and services to all
states through the establishment of this new venture," Greg Rubin
of First Bitcoin Capital stated in the press release (http://nnw.fm/7XlMo).
This isn’t the first time SinglePoint has undertaken significant
integration. The company has successfully completed technology
integrations with Twilio, RedFynn and IATS, as well as ATT,
T-Mobile, Sprint and Verizon, enabling SinglePoint to provide its
text message marketing and text-based payment solutions. Leveraging
this experience, along with First Bitcoin Capital’s expertise, the
companies plan to develop payment technology that can be easily
implemented into any point-of-sale machine through a simple
download of the application.
SinglePoint, through its SingleSeed Payments subsidiary
(www.SingleSeed.com), already has its roots as a
payment solutions provider to the cannabis industry. SingleSeed
Payments delivers tools and support specifically crafted to help
cannabis businesses stay on top of key issues in the retail and
recreational markets in order to build their customer base and
develop effective strategies.
As SinglePoint continues to diversify its investment portfolio
(http://nnw.fm/Ds3d9) – which includes a stake
in Convectium, the manufacturer and distributor of an innovative
equipment and packaging solution in the cannabis industry, and
Discount Indoor Garden Supply (“DIGS”) – the company is proving its
foresight into the demand for new capabilities and technologies
such as digital currency and is also set to benefit from
anticipated investments in cannabis (http://nnw.fm/i3WwI).
The demand for bitcoin isn’t only on the retail side, however.
It is also gaining ground in the investment community.
Recently named to OTC Markets Group’s “OTCQX Best 50” for 2017,
Bitcoin Investment Trust (GBTC) enables investors
to gain exposure to bitcoin’s price movement through a traditional
investment vehicle, sidestepping the challenges of buying, storing
and safekeeping bitcoins. Bitcoin Investment Trust’s shares are the
first publicly quoted securities that are solely invested in and
deriving value from the price of bitcoin. Bitcoin Investment Trust
is sponsored by Grayscale, a digital currency group company, which
is also a sponsor of the Ethereum Classic Investment Trust.
Digital currencies are on track to transform finance, and the
potential application of this technology goes well beyond the
cannabis industry and the borders of the United States. In Japan,
for example, experts forecast bitcoin will soon be accepted in
260,000 stores. Though not on par with the pace overseas, more
U.S.-based retailers are participating in the growing phenomena of
“Internet money.”
Overstock.com (OSTK), in 2014, became the first
major U.S. retailer to accept bitcoin. A brief two years, later
Overstock began to issue stock over the Internet, becoming the
first publicly traded company to do so. According to a December
2016 article at Wired.com, Overstock distributed more than 126,000
shares via bitcoin blockchain. Controlled by a global network of
computers, this blockchain (an online ledger) isn’t controlled by
any government or single company, which adds to its allure. It
tracks all financial exchanges. In addition to money, it can track
stocks and bonds as well. Blockchain shares are driven through a
broker and other middlemen to satisfy regulatory requirements,
making them not much unlike a stock offering.
Zynga (ZNGA) was also among the first to jump
into digital currency. The mobile gaming provider, which was
recently upgraded to an Overweight rating at Morgan Stanley, in
January 2014 took note of rising popularity of bitcoin and, via
Reddit, announced it would begin testing the currency as payment
for in-game purchases. At the time, bitcoin was priced around
$1,200. Today, one bitcoin is the equivalent to more than
$2,715.
From consumer products at Overstock.com to high-risk verticals
such as cannabis, digital currency continues to pick up momentum
worldwide. With a nod to the need for payment solutions in the
marijuana industry, SinglePoint is on track to become the preferred
payment solution in the marijuana industry, which is predicted to
grow to $24 billion by the year 2026, based on New Frontier
projections.
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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