SinglePoint and First Bitcoin Capital (FBC) companies signed a Joint Venture agreement to develop and distribute a payment solution that will allow the large-scale and safe use of credit and debit cards within the Cannabis industry. Of course we are referring to the legal industry of the millenarian herb.
Although the purchase and sale of cannabis for medical and recreational use has been legalized by state governments in several states of the United States, most payments remain restricted as far as cash is concerned. US federal law, which states that “marijuana” is illegal to manufacture, distribute, distribute, or possess, prohibits banks and credit unions from taking this income and thereby prevents cannabis dispensaries from accepting payments to Through credit or debit cards issued by banks. Due to federal law, almost everyone in the cannabis industry has a banking problem, can not get loans, and customers must pay cash.
SinglePoint and FBC try to solve this problem by offering a personalized payment solution that directs credit and debit card payments through bitcoin, using blockchain technology to eliminate banks from the process. They believe they have found a way to do this by keeping the customer experience unchanged at the point of sale by paying with a credit or debit card at medical and recreational cannabis dispensaries. SinglePoint already offers a pay-as-you-go method for dispensaries called SingleSeed Payments that offers cashless ATMs, text message marketing platforms and mobile payment platforms developed specifically for cannabis businesses, but does not use Bitcoin or blockchain. The new solution will use the benefits of digital currency to build a base for bitcoin card payments.
First Bitcoin Capital Corp. is the first vertically integrated and publicly traded Bitcoin entity to enter the lucrative crypto-monetary space, which seeks to vertically consolidate each segment of the digital currency in order to promote and assist the Digital currency to grow. First Bitcoin Capital Corp. aims to acquire Bitcoin startups, raise funds and invest in companies that are developing Bitcoin software or hardware applications.
Because Bitcoin is a decentralized digital currency, it allows for financial transactions that do not involve banks that are subject to federal government regulations. This independence of the traditional banking infrastructure will provide an ideal basis for building a payment network for the Cannabis industry. The SinglePoint / FBC solution will be developed to enable cannabis companies to accept credit / debit card payments without relying on bank cooperation.
This solution to enable dispensing card payments addresses a ubiquitous problem, and is a crucial necessity. It will make a safer industry for business owners, customers and patients alike. It is an important step in the evolution of the Cannabis industry, a rapidly growing industry.
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