NetworkNewsWire Editorial Coverage: Though some form of cannabis
is now legal in 29 states and the District of Columbia, a lack of
banking options for cannabis businesses in the United States
continues 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 allowing 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 throughout this year1. In the U.S., various
major retailers are also accepting bitcoin, including
Overstock.com, Inc. (OSTK), Microsoft and Subway2.
Bitcoin has additionally provided annual returns of more than 286
percent, according to prices from CoinMarketCap.com.
As a financial transaction option for currently “unbankable”
cannabis businesses in the U.S., bitcoin could be the perfect
solution. New Frontier projections have shown the cannabis industry
reaching $24 billion by the year 2026, and such significant growth
demands adequate payment options to keep pace.
SinglePoint (SING) has partnered with 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, offering 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 tools.
The company has also made several acquisitions to take a
diversified approach 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 experience
at cannabis dispensaries when using their credit or debit cards.
The company’s end goal is to provide a bitcoin payment solution
that can be easily implemented in any point-of-sale machine through
a simple application download.
In collaboration with 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 2014 SinglePoint announced (http://nnw.fm/ATUj1) and started working on a bitcoin
payment solution, shortly after we recognized the issue of minimal
user adoption of digital currency. The payments industry has
rapidly changed since that time. There is now tremendous momentum
and demand for bitcoin acceptance as an alternative form of
payment. This Joint Venture with First Bitcoin Capital is perfect
timing. Bitcoin payments are catching on and cannabis dispensaries
need a solution fast," 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 offer 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 partner.
While SinglePoint appears to be the frontrunner in applying
digital currency solutions to the cannabis industry, other publicly
traded companies have also recognized the game-changing
opportunities offered by bitcoin technology. An early mover within
the blockchain and digital currency ecosystems, BTCS, Inc. (BTCS)
has been recognized as the first “pure play” public company in the
U.S. to focus 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 first publicly
quoted securities that are solely invested in and deriving value
from the price of bitcoin. This enables investors to gain exposure
to bitcoin’s price movement through a traditional investment
vehicle, sidestepping the challenges of buying, storing and
safekeeping bitcoins.
As previously noted, a swelling number of companies – ranging
from technology, travel and bookstores to restaurants, individual
retailers and gaming sites - have started accepting digital
currency for payments. Names like Dish Network, Shopify, Mint.com,
Whole 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 tools that enable sellers of all sizes to start, run and
grow their businesses. Square also began pioneering bitcoin
solutions back in 2014, announcing an intention to build a register
that would allow companies to accept bitcoin and Apple Pay. You
might recognize Square as the creator of the small 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 demand for digital convenience and payment
capabilities serving as a powerful catalyst, its potential as a
financial transaction solution for the cannabis industry is quite
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.
Editorial Sources:
(1) Bitcoin.com: http://nnw.fm/7EvhA
(2) 99Bitcoins.com: http://nnw.fm/h2Qq8
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides to
users (1) access to our news aggregation and syndication servers,
(2) enhanced press release services, and (3) a full array of social
communication solutions. As a multifaceted financial news and
content distribution company with an extensive team of contributing
journalists and writers, NNW is uniquely positioned to best serve
private and public companies that desire to reach a wide audience
of investors, consumers, journalists and the general public. NNW
has an ever-growing distribution network of more than 5,000 key
syndication outlets across the country. By cutting through the
overload of information in today's market, NNW brings its clients
unparalleled visibility, recognition and brand awareness. NNW is
where news, content and information converge.
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Please see full terms of use and disclaimers on the
NetworkNewsWire website applicable to all content provided by NNW,
wherever published or re-published: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article
and content set forth above. References to any issuer other than
the profiled issuer are intended solely to identify industry
participants and do not constitute an endorsement of any issuer and
do not constitute a comparison to the profiled issuer. The
commentary, views and opinions expressed in this release by NNW are
solely those of NNW. Readers of this Article and content agree that
they cannot and will not seek to hold liable NNW for any investment
decisions by their readers or subscribers. NNW are a news
dissemination and financial marketing solutions provider and are
NOT registered broker-dealers/analysts/investment advisers, hold no
investment licenses and may NOT sell, offer to sell or offer to buy
any security.
The Article and content related to the profiled company
represent the personal and subjective views of the Author, and are
subject to change at any time without notice. The information
provided in the Article and the content has been obtained from
sources which the Author believes to be reliable. However, the
Author has not independently verified or otherwise investigated all
such information. None of the Author, NNW, or any of their
respective affiliates, guarantee the accuracy or completeness of
any such information. This Article and content are not, and should
not be regarded as investment advice or as a recommendation
regarding any particular security or course of action; readers are
strongly urged to speak with their own investment advisor and
review all of the profiled issuer's filings made with the
Securities and Exchange Commission before making any investment
decisions and should understand the risks associated with an
investment in the profiled issuer's securities, including, but not
limited to, the complete loss of your investment.
NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may", "future", "plan" or "planned", "will" or "should",
"expected," "anticipates", "draft", "eventually" or "projected".
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report on Form 10-K or 10-KSB and
other filings made by such company with the Securities and Exchange
Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and NNW undertake no
obligation to update such statements.
Source:
NetworkNewsWire
Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com