CannabisNewsWire Editorial
Coverage: The price of bitcoin
recently hit an all-time high of more than $7,800, edging closer to
Goldman Sachs’ (NYSE: GS) forecast that the cryptocurrency will hit
$8,000. This projection echoes increasing interest and application
for cryptocurrency, as demonstrated by several public companies
such as high-tech payment processing solutions provider
SinglePoint, Inc. (SING) (SING
Profile), which stands at
the nexus of two roaring industries: cryptocurrency and
cannabis. The widespread applicability of blockchain technology to
multiple industries, combined with investor’s insatiable appetite
for bitcoin and other cryptocurrencies, has also lit a fire under
sector players Bitcoin Investment Trust (GBTC),
HIVE Blockchain Technologies Ltd. (HIVE:CC),
Global Blockchain Technologies Corp. (BLKCF) and
Bitcoin Services, Inc. (BTSC).
SinglePoint, Inc. (SING) in 2010 cut
its teeth in payment innovations as a pioneer
of payment enabled text
messaging. But as CEO of SinglePoint, Greg Lambrecht recently
explained in an interview, the company is not resting on its
laurels and is making significant strides to stay ahead of the
curve (http://cnw.fm/gH8Pw).
Earlier this week, the company announced the soft launch of a
bitcoin exchange (app.singleseed.com) designed to solve the
specific payment challenges in the cannabis industry. Recognizing
that the cannabis payments space lacks a leading solutions
provider, SinglePoint cites demand for convenience as the primary
driver for building the app, which will process credit or debit
cards – something unique to the cash-only transaction model
currently used in the cannabis industry due to federal regulations
and banks’ hesitancy to provide services to cannabis businesses.
Through an easy-to-use sign up form and ID verification,
SinglePoint’s exchange will enable customers to set up their
account online beforehand or sign up within seconds directly at the
point of sale.
“We are very pleased with what we have built out and executed on
with this solution. SinglePoint now has a base to continue
innovating on for the cannabis payments space. Businesses are
contacting us daily about payment services and with this solution
we feel confident we will be on boarding many of these customers.
This is just the beginning of a solution that will ultimately serve
cannabis businesses much beyond payments. The overall goal is to
have a fully integrated solution for businesses to manage their
day-to-day operations from beginning to end,” Wil Ralston,
president of SinglePoint stated in the press release (http://cnw.fm/uE1c7).
The new solution can be utilized by any business from
convenience stores to dispensaries in the 29 legal states and
District of Columbia.
SinglePoint also utilizes an aggressive acquisition-based growth
strategy, and has snapped up four cannabis companies in 2017 with
two more in the hopper slated for acquisition before the year’s
end. Given that credit card payment solutions are not currently
viable for dispensaries in states where marijuana is legal, there
is a significant opportunity within the multi-billion dollar global
cannabis market for SinglePoint’s SingleSeed Payments subsidiary to
solve the payment
processing dilemma while fully leveraging
cryptocurrency and blockchain technology. Simultaneously, the
company aims to deliver to the cannabis and other high-risk sectors
the same transparency, ease of use, and situational awareness that
blockchain is poised to deliver in other
industries.
SinglePoint also recently signed an LOI (http://cnw.fm/qSm2a) with mobile app developer
AppSwarm, Inc. (OTC: SWRM), to offer a B2B/B2C services app geared
to the cannabis industry that will serve as the base for other
productivity and workflow improvement applications. The AppSwarm
LOI came soon after that company’s announcement (http://cnw.fm/ie67D) of a "last-mile" delivery app for
local groceries and pharmacies, clearly demonstrating how
SinglePoint understands perfectly the confluence of all these
technologies, and how they will collectively reshape the world of
retail.
Blockchain technology, as a decentralized (distributed) ledger
that can track anything from cryptocurrencies and transaction
records to RFID-tagged physical assets, is ideal for verification
tasks. As such, the idea of a cryptographically secure ID
verification platform like the one SinglePoint is rolling out,
which not only allows users to sign up in seconds at the point of
sale, but also provides bitcoin-powered convenience (which
consumers have come to expect when making debit or credit card
purchases), is something that should appeal to all parties in the
space.
Regulators get the security of
knowing there is a redundant and decentralized real-time record of
production, shipments and transactions, while dispensaries get
cheaper and better workflows, as well as improved marketing and the
kinds of user experiences that promote repeat business. And
consumers get a simplified, secure and easy to use purchasing
regimen that is already familiar to them.
The same game-changing impact that blockchain technology is
having on industries like banking, where it was recently
estimated by Santander InnoVentures that the technology could
save banks as much as $20 billion a year by 2022, will help to
cement the still controversial cannabis market in the U.S. and
around the globe. The logistical benefits of eliminating the need
for a centralized authority, allowing engaged parties to rely
instead on the power of the distributed blockchain and features
like self-executing smart contracts, is something which could give
the cannabis industry just the kind of inherent respectability it
needs.
Bitcoin Investment Trust (GBTC) certainly
understands the potential for crypto and blockchain, given that it
is sponsored by Grayscale Investments, which was established by the
Digital Currency Group in 2013 and also sponsors the
Ethereum
Classic and Zcash Investment
Trusts. As the first entity whose shares are publicly quoted
securities, solely invested in and deriving value from the price of
bitcoin, GBTC is a significant milestone for the crypto space. It
is worth noting that Grayscale recently updated
GBTC shareholders about plans to distribute the roughly 173,014
coins (units) of Bitcoin Cash held by the Trust. GBTC gives
investors considerable exposure to bitcoin via a traditional
investment vehicle with shares titled in the investor’s name and
which can be bundled into traditional IRA, Roth IRA, and other
brokerage/investor accounts.
Another key blockchain player is HIVE Blockchain
Technologies Ltd. (HIVE: CC), shares of which hit a new
52-week high of $5.83 a share on November 3, alongside the recent
spike of the bitcoin price. The company signed a binding letter of
agreement in late October with Genesis Mining to complete a
GPU mining
facility for cryptocurrency in Sweden, a country with a solid track
record for being pro cashless, and warmly embracing
crypto. Anticipated for completion in late December, this new
facility will increase the company’s already beefy Iceland-based
mining capacity by some 175 percent, and bring HIVE one step closer
to the company’s goal of bridging the gap from the blockchain
sector to traditional capital markets.
Global Blockchain Technologies (BLKCF), a
Canadian investment banking company focused on delivering a basket
of blockchain-centric holdings to its investors, recently made a
big push into crypto mining with entry into an
agreement to acquire a 49.9 percent interest in novel,
streaming model-based miner, Coinstream. The company plans to
spin-out its pure play cryptocurrency mining division, Global
Blockchain Mining Corp., and stands to acquire some 12,500 bitcoins
over the life of the streaming contracts. An ingenious move given
that Coinstream has put together 10MW of power in dedicated,
purpose-built data centers in Manitoba, where energy is under
$0.04/kWh. Looks like streaming contracts for future production
aren’t just for the precious metals or commodity markets
anymore.
Having climbed more than 900 percent year-to-date,
Bitcoin Services (BTSC) is another good example of
crypto-exposed share price appreciation being driven, in part, by
the meteoric rise of the price of bitcoin. This bitcoin miner and
blockchain software developer began mining the spend-anywhere
digital cash known as Dash in Q1 2017
and recently created a new subsidiary, Crypto Capital, focused on implementing a
crypto wallet solution. Bitcoin Services is also one of the
instrumental bitcoin escrow service providers helping to keep the
blockchain healthy.
Bitcoin rebounded nicely over the first two days of the week of
November 13, trading around $6,600 after having been pushed down
under the $6,000 mark over the weekend, amid the BCH hype and
debut of Bitcoin
Gold. With major tech players from IBM to Microsoft fully
engaged in developing blockchain solutions for multiple industries
and increasing interest pouring into the space across multiple
cryptocurrencies from every class of investor, now is the time to
comb through the smaller companies with compelling access to this
sector.
For more information on SinglePoint please
visit: Singlepoint,
Inc. (SING) or www.SinglePoint.com
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