Singlepoint Launches Bitcoin Payment Solution for Cannabis Industry
Singlepoint has launched a bitcoin payment solution for the cannabis industry. The company also plans to launch a cryptocurrency exchange in the upcoming months as well as a crypto wallet which will be ready for testing in the next weeks.
Singlepoint’s Bitcoin Solution
Publicly-traded holding company Singlepoint (OTC:SING) has announced the soft launch of its Singleseed bitcoin payment solution. A subsidiary of Singlepoint, Singleseed is a B2B provider of cannabis-based technology services, including payments, marketing, and web development. Singlepoint elaborated:
Providing a user-friendly transactional platform will provide cannabis merchants with additional easy-to-track method of accepting non-cash payments while strengthening Singlepoint’s brand awareness and market position.
Singlepoint started building this new service back in 2014. The company described it as “a payment service to make instant bitcoin-powered purchases possible when all you have is a credit (or debit) card.” It can be used at any point of sale, by any businesses, from convenience stores to medical and recreational cannabis dispensaries.
The system has been built to accommodate bitcoin (BTC) payments, but will be extended to facilitate other cryptocurrency payments, including ether (ETH), the company noted.
Crypto Exchange and Wallet Coming Soon
In addition to the bitcoin-based payment solution, Singlepoint is working on a cryptocurrency exchange. The company says it “anticipates launching the exchange in upcoming months.” Furthermore, it is building a crypto wallet for merchants and consumers to hold a number of cryptocurrencies, in collaboration with Appswarm, another listed company. Appswarm (OTC:SWRM) develops and publishes mobile and business apps. Singlepoint detailed:
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.
Singlepoint has been increasing its market share in the cannabis industry by acquiring stakes in related companies. In February, it signed a Letter of Intention to acquire a stake in California cannabis cultivation MTH Development Group (MTH) which currently operates 4.7 acres of land zoned for cannabis cultivation. In the same month, the company expands its joint venture with Smart Cannabis, a public equity corporation advancing the agriculture and cannabis industries and growing through acquisition, strategic alliances, and proprietary intellectual property.
CEO Greg Lambrecht estimated, “Based on our current position, we are projecting about $1.25 million in revenue for 2018,” but noted that “However, we have set a goal of $10 million for the year through internal sales and acquisitions.”