Cannabis industry fixed by Cryptocurrencies

The company known as Singlepoint has announced plans to launch a solution by using the cryptocurrency bitcoin for the Cannabis industry, as well as developing their own crypto exchange in the coming months and just to top it off, a crypto wallet too. Singlepoint is a publicly traded company has released an announcement of the soft launch of the Singleseed cryptocurrency payment solution where it will deal in bitcoin.

The company started to build the platform in 2014, and defined it as a “payment service to make instant bitcoin-powered purchases possible when all you have is a credit (or debit) card.” The huge scale of such a task that has been undertaken by the development at Singlepoint, means that it can be used during any point of a particular sale and it can utilised by a business that includes the likes of a convenience store. However, because this service is primarily focused on the cannabis sector they have made it so it can be used for medical as well as recreational cannabis stores.

Because bitcoin is the most popular cryptocurrency right now, as well as the most valuable despite the recent fall in price. With it being so widespread and is accepted by some of the most valuable companies in the world, this particular system has been designed specifically to welcome bitcoin. The company are also planning on expanding to eventually accept other cryptocurrencies like ethereum.

Cryptocurrency exchanges are becoming one of the most popular online businesses in recent months, with the likes of Coinbase raking in over $1 billion in profits alone, which has given them to ability to turn away potential investors. For this reason, Singlepoint are developing their own cryptocurrency exchange platform to take advantage of the popularity they have, and they expect to launch the platform within the next few months. What’s a cryptocurrency exchange without having a place to store your newly purchased cryptocurrencies, well to add to the development of their own exchange, they are going to be creating their own cryptocurrency wallet too. The company have also been able to add to their resume that they will be collaborating with a company called Appswarm, that specialise in creating and publishing mobile and business apps.

Singlepoint added: “Singlepoint and Appswarm (SWRM) have collaborated to quickly develop a secure crypto wallet. The wallet is near completion and will be pushed to testflight in the next 10-14 days”.

The company Singlepoint have dived into the cannabis market and are attempting to boost their market share by purchasing stakes in other related companies. February 2018 saw them sign a letter to acquire a stake in a company who reside in California and specialise in the cultivation of cannabis. Armed with this new acquisition, Singlepoint are in a brilliant spot to combine the cryptocurrency market, as well as making a mark on the cannabis market.

Greg Lambrecht who is the CEO of Singlepoint has said “Based on our current position, we are projecting about £1.25 million in revenue for 2018,” but also stated “However, we have set a goal of $10 million for the year through internal sales and acquisitions.”