- Company’s bitcoin payments solution allows underbanked cannabis merchants to accept bitcoin-backed card transactions
- Proprietary bitcoin exchange soft-launched in November 2017; official launch scheduled for Q1 2018
- Company recently announced LOI to acquire Bitcoin Beyond
SinglePoint, Inc. (OTC: SING) has evolved from a full-service mobile technology provider to a publicly traded holding company, diversifying into horizontal markets and building a robust portfolio and a diversified holding base by acquiring an interest in undervalued subsidiaries. Through subsidiary company SingleSeed, SinglePoint is successfully offering products and services to the cannabis industry, including, notably, a proprietary bitcoin payments solution that enables both cannabis merchants and consumers to make bitcoin-powered transactions using debit and credit cards. This was discussed in detail in a recent article (http://ibn.fm/Rc6xP).
This innovative solution is fully KYC-AML compliant and also has applicability that transcends the cannabis industry and can be deployed in various kinds of businesses to allow the completion of bitcoin transactions using payment cards. Such a solution is ideal for underbanked markets like the cannabis industry, which currently lacks traditional banking options in the United States due to its continued federal status as a Schedule I drug. Where U.S. cannabis vendors have primarily been forced to deal in cash, bitcoin solutions like that offered by SinglePoint allow customers to make convenient card-based purchases, just as they would in other types of stores while buying any other type of merchandise.
In any state where cannabis enjoys legal status, the SingleSeed payments platform can be used. In addition to making bitcoin-backed card purchases possible, the solution enables cannabis dispensaries to digitally track and manage their product inventories, performing tasks like uploading product data, photos and descriptions. The system further deducts items automatically from a dispensary’s product listings when a purchase is made.
SinglePoint’s proprietary solution, SingleSeed Payments (http://ibn.fm/73r3k), was soft-launched in November 2017, and the official launch of the payments solution is scheduled to take place during Q1 of 2018.
The benefits of SinglePoint’s bitcoin solution in providing payment options while cannabis remains federally illegal are clear. However, should cannabis be legalized at the federal level in the U.S. at some future point, the SingleSeed app will not cease to be needful but is actually positioned to expand as a useful tool for managing cryptocurrency-based retail cannabis payments. The company also has traditional payment solutions ready to go in the event that banks start accepting cannabis businesses for merchant processing.
The ultimate aim of SinglePoint is to offer a fully integrated solution that can be utilized for end-to-end management by businesses of all types.
SinglePoint’s management team continues to be bullish regarding the use of bitcoin and blockchain technologies as means of overcoming key obstacles within the cannabis market. The company plans to seek out acquisitions and partnerships with other entities during 2018 to continue bringing innovative solutions to this burgeoning market. One such effort was announced on January 23, when SinglePoint announced a letter of intent to acquire 100 percent of premier web-enabled, point-of-sale bitcoin payments platform Bitcoin Beyond (http://ibn.fm/TtIqO).
For more information, visit the company’s website at www.SinglePoint.com
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