The decentralization of cryptocurrency is shining a ray of hope on cannabis industries mired in a relative conundrum. Although cannabis’ non-psychoactive alternative CBD is legal in all 50 states due to its lack of THC, institutions. As well as individuals are still wary of doing business with them. In particular, the vast majority of banks are reluctant to provide their services to those in the industry, making it difficult to process CBD related transactions with the added inconvenience of forcing mainly cash transactions. See more cryptocurrencies are fixing the cannabis industry from here.
Cryptocurrencies are fixing the Cannabis industry
Cryptocurrency companies plan to aid the legal marijuana industry using blockchain technology. At CoinDesk’s Consensus conference, companies proclaimed that blockchain technology and cryptocurrencies are a potential solution to the cannabis industry’s financial troubles. A single point is a company that has recently made headlines by announcing that they have plans to launch an unusual solution for the cannabis industry, by using bitcoin as well as the development of their own cryptocurrency exchange in the near future, as well as their own wallet too. T
he single point which is a publicly traded company has released a statement to do with the soft launch of their own cryptocurrency known as Singlespeed.
Which is a payment solution that will be able to deal in bitcoin during the transaction stages?
The company realized that it needed to take advantage of the popularity surrounding. Cryptocurrencies and started to build its platform back in 2014. And defining it as a “payment service to make instant bitcoin-powered purchases possible when all you have is a credit (or debit) card.” The enormity of this task rests on the shoulders of the development team at Single point. And they have built it in such a way that it can be used during any point of any particular sale. Furthermore, because this type of service is focused on the cannabis market. They have made it so it can be used for medical purposes as well as recreational stores.
Due to bitcoin being the most widespread and one of the most popular cryptocurrencies to be accepted by major companies in the world. This particular system has been designed specifically to welcome bitcoin. The company is also planning on expanding to eventually accept other cryptocurrencies like ethereum.
The single point also plans to release its own cryptocurrency exchange with Singleseed being the main focus. Cryptocurrency exchange platform is one of the fastest growing industries within the crypto sector, with the likes of Coinbase generating over $1 billion in profits alone. Which has given them an ability to turn away potential investors? For this reason, Singlepoint is developing its own cryptocurrency exchange platform to take advantage of the popularity they have. And they expect to launch the platform within the next few months.
Along with their own cryptocurrency exchange. They are also releasing their own version of a crypto wallet to store your newly purchased Singleseed cryptocurrencies. The company has also been able to add to their resume that they will be collaborating with a company called Appswarm. That specializes in creating and publishing mobile and business apps.
Single point added: “Singlepoint and Appswarm (SWRM) have collaborated to quickly develop a secure crypto wallet. The wallet is near completion and will be pushed to test flight in the next 10-14 days”.
Their decision to move into the cannabis market was a strategic play as the company is aiming to boost its market share by buying stakes in other cannabis-related companies. In February 2018, the company signed a letter to acquire a stake in a company which resides in California and specialize in the cultivation of cannabis.
The beauty of growing one’s own cannabis at home is that it completely eliminates the need to incur the infraction of buying and carrying it out in the street, where they can bust you. By virtue of this, there is no law being broken, since what one does at home is not the state’s concern
Greg Lambrecht who is the CEO of Singlepoint has said “Based on our current position, we are projecting about £1.25 million in revenue for 2018,” but also stated, “However, we have set a goal of $10 million for the year through internal sales and acquisitions.”
Cryptocurrency can reduce the amount of cash moving through the system. You’re never going to eliminate cash completely from any economy. Roughly 30% of all transactions done at retail are still cash.
The goal is not to eliminate cash, because that’s an unlikely outcome. But you can reduce the cash moving through the system and you can enable participants in the industry to pay their taxes using an alternate method. You can increase the safety and increase the velocity and predictability of payments for tax revenue to the state. That’s where it started.
That’s when the light went on and we said the reasons are becoming incredibly compelling to build and launch a dedicated coin for this industry.
In only a few years, the legal marijuana industry rose from near nothing to a multi-billion dollar industry. Still, all the profits are in hard cash. To fix this. Many startups in the blockchain technology space are developing marijuana-focused tracking software. Examples of companies providing the cannabis industry digital transactions are MassRoots Retail, Alt Thirty-Six, and Greenstream.