Singlepoint, Inc. (OTCMKTS: SING) is a company that likes to capitalize on current trends and diversify itself accordingly. The last time we mentioned it here on Street Register, we were talking mainly about the company’s efforts to take an active role in the cannabis space. Word of a potential crossover foray into the trendy cryptocurrency space was speculative at the time.
SING had hired a cryptocurrency expert to spearhead the company’s initiatives to develop a payments solution for high-risk customers and the cannabis market, but suggested that further development of the situation could be as many as 60 days into the future.
But here we are just a couple of weeks later with another update Singlepoint, Inc. (OTCMKTS: SING) after a significant development has occurred. The company announced its purchase of $Weed which is one of the newest fiat currencies floated in the booming Cryptocurrency markets. The large block purchase is from crypto industry leader, First Bitcoin Capital (OTCMKTS: BITCF).
After many months of collaboration, the two companies have decided this initiative is the starting point for a much larger play in the cryptocurrency markets. Weed “Coin” is a crypto currency geared toward solving the payment problems found in the cannabis industry. The coin recently had its ICO launch resulting in an impressive yet illiquid market cap of close to $60,000,000.
Currently WeedCoin is already listed on three exchanges. SinglePoint and First Bitcoin Capital plan to list and market the coin on many more exchanges soon.
A big barrier in making a payment at cannabis retail stores using cryptocurrency is the consumers do not yet have a wallet set up. This takes time and slows down this entire process. SinglePoint and First Bitcoin Capital plan to invest heavily in getting the consumers to sign up first, making sure they have the ability to quickly go in and make a purchase from a dispensary, painlessly.
The consumer approach also lets the companies build in multiple programs such as loyalty, special offers, and the ability to track what kinds of products people are buying which leads to a massive database of what is popular, how much it is being sold for on average and many more insights to the cannabis industry.
The companies both believe that with the proper execution, users should find a similar experience to using Starbucks’ mobile payment system. An easy preload of your card, which enables you to purchase $Weed as money, instantly, then the employee at point of sale rings up your total and the consumers scan a barcode from their smart phone or tablet. (Source: Marketwired)
The story that is brewing here is one that has mass appeal as it incorporates two incredibly new and trendy market spaces that many companies are clamoring to fill. There’s no telling where the cryptocurrency phenomenon will go over the long term, but as long as there are complex issues facing the domestic cannabis markets in terms of payment processing and such, there will be a need for SING’s new project. All current signs seem to point to that being an ongoing need into the foreseeable future, so we like the idea that has struck SING and its partners. Stay locked to Street Register for updates, and we’ll deliver important developments on SING as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in SING stock, short or long.