- SinglePoint’s development of SingleSeed payments provides attractive option to cannabis consumers and retail merchants with a new, proprietary bitcoin exchange
- New, in-house payment solution will be KYC-AML compliant, allowing retailers and consumers to complete transactions with confidence
- SingleSeed payment option can be used to purchase any retail product, not just cannabis-based items, through bitcoin-powered purchases using debit and credit cards
SinglePoint, Inc. (OTC: SING) has grown from a full-service mobile technology provider to a publicly-traded holding company building a diversified holding base. The development of its SingleSeed subsidiary is geared toward solving an industry-wide payment problem plaguing the expanding legal cannabis market.
Analysts predict that the medical marijuana and recreational cannabis market in the United States alone could be worth upward of $50 billion by 2026. In order to successfully ride such a trajectory, SinglePoint and its investors knew a critical component of the business model was missing: a way to process debit and credit card transactions independent of banks and the FDIC (http://dtn.fm/z9t0N).
Waiting on federal banking guidelines to solve this problem wasn’t at the top of the company’s to-do list. Instead, SinglePoint, like it has for years, started working on finding solutions. Cryptocurrencies like bitcoin and ethereum, as well as their underlying blockchain technology, are on the table, and SinglePoint is among the first in line to serve up a solution for these high risk industries.
Bitcoin’s success can only be described as booming, and cannabis consumers will find the instant access provided by SingleSeed payment solutions an easy, secure option at the point of purchase. A beta version of SinglePoint’s bitcoin solution is set to debut in November at the Las Vegas Marijuana Business MJBIZCON event.
For more information, visit the company’s website at www.SinglePoint.com
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