Specialized holding company SinglePoint, Inc. (OTC: SING) this morning announced that it has successfully closed a $1 million company-friendly convertible promissory note with an institutional investor. Per the update, the company intends to use this funding to execute on its previously announced bitcoin payments solution, which it is developing in partnership with First BitCoin Capital (OTC: BITCF). “This is great timing for SinglePoint. We have many acquisitions deals in the pipeline, and access to this capital will exponentially increase the chances of getting these done,” Greg Lambrecht, CEO of SinglePoint, stated in the news release. “In addition, we have many technical developments that are ready launch. We will be able to develop our solutions and really start driving sales.” Leveraging bitcoin and blockchain technology, SinglePoint aims to bypass the federal banking issues that continue to plague legalized cannabis markets across the country, opening the door for electronic payment alternatives to businesses that are currently forced to operate on a “cash-only” basis. SinglePoint and First BitCoin Capital have planned four developments based on bitcoin, ethereum and the technology of blockchain. In line with these goals, SinglePoint recently acquired the rights and domain name of www.SingleCoin.com in a planned potential Initial Coin Offering (ICO) that would support transactions on the blockchain specifically for cannabis and other high risk industries.
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