NetworkNewsWire Coverage: Two booming markets are intersecting in the United States right now: legal cannabis and bitcoin. America’s cannabis market is predicted to reach a valuation of up to $50 billion by 20261, and the value of bitcoin reached record highs in August, surpassing $4,000 per coin and remaining above that mark as of August 192. Both unquestionably hot market segments right now, cannabis and bitcoin are now being linked thanks to the enterprising efforts of companies like SinglePoint, Inc. (SING) (SING Profile), which aims to utilize bitcoin in addressing a problem currently faced by legal cannabis businesses in the U.S.: a lack of banking options due to federal restrictions. The activities of companies like Bitcoin Services, Inc. (BTSC), Bitcoin Investment Trust (GBTC), Advanced Micro Devices, Inc. (AMD) and NVIDIA Corp. (NVDA) attest to the red-hot market status that bitcoin and other cryptocurrencies are enjoying right now. As a solution for currently “unbankable” legal marijuana businesses, cryptocurrency seems like a perfect fit.
The new bitcoin exchange being pioneered by SinglePoint (SING) aims to provide cannabis merchants with a means of processing debit and credit card transactions independent of banks and the FDIC (http://nnw.fm/Ln5ot). This will not only allow marijuana businesses to begin conducting non-cash transactions (cash currently being the only option for most), but it will also allow customers to purchase cannabis products with their debit and credit cards, just as they would purchase any other type of merchandise at any other type of store.
SinglePoint is developing an in-house solution that would allow cannabis consumers to obtain bitcoin at any point of sale and instantly make bitcoin-powered purchases using their debit and credit cards. Users will be able to sign up prior to visiting a vendor or sign up quickly right at the point of sale. A beta version of SinglePoint’s bitcoin solution is set to debut in November at the Las Vegas Marijuana Business MJBIZCON event.
While similar solutions exist internationally, SinglePoint is an early mover in bringing this technology to the U.S. The solution will be KYC-AML compliant, and it will be applicable outside of the cannabis market and could be utilized by any kind of business desiring to offer an option for bitcoin transactions.
Though the beta launch is still a few months away, potential patrons are already signing up through SinglePoint’s website.
A cannabis-specific cryptocurrency known as $Weed was recently purchased (http://nnw.fm/M9vYG) by SinglePoint from First Bitcoin Capital Corp (BITCF) and will also be incorporated into SinglePoint’s cryptocurrency solution, enabling marijuana dispensaries and customers to complete transactions using either bitcoin or $Weed. A recent initial coin offering (ICO) for $Weed resulted in an impressive yet illiquid market cap of nearly $60 million.
While cryptocurrency wallets can be obtained at the point of sale through SinglePoint’s solution, SinglePoint and BITCF intend to implement a consumer-first approach and invest heavily in enticing customers to sign up for their cryptocurrency wallets ahead of time. This will ensure consumers can make their onsite cannabis product purchases without delay, and it also lets vendors deploy loyalty programs, special offers and more and to access consumer data regarding products.
For additional information about SinglePoint’s operations, view the company’s IR Kit here: http://www.networknewswire.info/sing/ir/.
Considered the most valuable of the cryptocurrencies, bitcoin has exploded in value and popularity, with many companies and businesses jumping on the bandwagon to either offer bitcoin-related services or accept bitcoin as a currency. Other entities are busily developing and offering their own “bitcoin-esque” cryptocurrencies.
A company primarily engaged in mining bitcoin and developing and selling blockchain software, Bitcoin Services, Inc., began mining its own cryptocurrency, known as Dash, in the first quarter of 2017. The company also recently created a new subsidiary, Crypto Capital Corp., to develop a cryptocurrency wallet that will allow users to securely store multiple digital currencies, all in one wallet.
Bitcoin Investment Trust stands out as the first publicly quoted bitcoin investment vehicle, enabling investors to invest in digital currency without actually buying bitcoins. A U.S.-based, open-ended grantor trust sponsored by Grayscale Investments, Bitcoin Investment Trust is exclusively invested in bitcoin. Its shares are the very first publicly quoted securities to be exclusively invested in and derive value from the price of bitcoin. Through Bitcoin Investment Trust, investors are able to gain exposure to bitcoin’s price movement through a traditional investment vehicle, free of the challenges associated with buying, storing and safeguarding bitcoins. For 2017, Bitcoin Investment Trust was named one of OTC Market Group’s “OTCQX Best 50.”
Rival companies Advanced Micro Devices and NVIDIA have each cashed in big during 2017 with their respective offerings of powerful graphic cards, which miners of bitcoin and ether (a cryptocurrency used on the Ethereum blockchain) have been using to mine new coins. The recent cryptocurrency mining boom is being credited with driving up sales of the graphic processor units (GPUs) offered by these companies as cryptocurrency miners attempt to generate as much currency as they possibly can.
There probably isn’t a better time than now for a cannabis cryptocurrency solution to hit market. Both the legal cannabis and cryptocurrency markets are currently on fire, and merging these two hot markets can only equal success right now for the companies that accomplish it.
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