- New cryptocurrency app allows cannabis dispensaries to accept electronic bitcoin payments
- Legal marijuana market predicted to hit $24.5 billion in North America by 2021
- Convergence of cryptocurrency and cannabis industry meet in SingleSeed subsidiary
Publicly traded holding company SinglePoint, Inc. (OTC: SING) and its innovative SingleSeed app – designed to allow cannabis dispensaries and customers to exchange funds using debit and credit cards via the vehicle of bitcoin – is singled out in a CNBC article highlighting the industry’s ongoing need for an alternative banking solution (http://cnw.fm/3bA32).
Three years ago, SinglePoint placed terminals in medical marijuana dispensaries, so consumers could use a debit card to make purchases. The convenient terminals “were going great,” SinglePoint CEO Wil Ralston states. “Then overnight the banks shut them all down. There were no guidelines about how banks were supposed to interact with the cannabis industry. They didn’t want to risk it.”
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