The last time we mentioned Singlepoint, Inc. (OTCMKTS: SING) here on Street Register, the virtual currency had recently crossed a serious psychological threshold and was chugging right along to new all-time highs with every uptick.
Our exact words at the time were “Anything Bitcoin related is going to be exceedingly hot right now to begin with. It seems just a short time ago we were lauding the crossing of the $5000 threshold for bitcoin, yet new all time highs have been reached many times since then, with the value of a single Bitcoin, or BTC, going over $6600 this week, with no end in sight.” We turned out to be absolutely correct as BTC recently reached the $11,000 mark before seeing a slight pullback.
Since then Singlepoint, Inc. (OTCMKTS: SING) has continued to report its progress, recently announcing the soft launch of a bitcoin exchange aimed at solving payment issues plaguing the cannabis industry.
SinglePoint sees vast opportunity for technology to solve payment issues related to high-risk transactions, specifically in the cannabis market. There is yet to be a standout leader in the cannabis payments space, and SinglePoint is looking to solidify its position through the company’s relationships and history of mobile payment offerings.
The new solution can be utilized by any business from convenience stores to dispensaries in the 29 legal states and District of Columbia. Convenience has been the No. 1 driver for building this application, which is designed as a payment service to make instant bitcoin-powered purchases possible when all you have is a credit or debit card.
Through a sign up form and ID verification, customers will be able to set up their account online beforehand or will be able to sign up directly at the point of sale. This model is similar to solutions utilized abroad, but SinglePoint has not yet seen this feature offered in the United States.
“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,” states Wil Ralston, president of SinglePoint.
According to a new report by Grand View Research, the cannabis market is projected to reach $55.8 billion by 2025. This presents a major opportunity for SinglePoint to generate additional revenue through platform fees and transactional fees.
Beyond payments innovation, SinglePoint is continuing to negotiate new acquisitions in the cannabis market. Company management attended MJ BIZCON on November 14 – 17 in Las Vegas, and has reportedly set up multiple meetings for continued deal flow. (Source: OTC Disclosure & News Service)
The virtual currency space is still one of the hottest and most interesting out there right now, and we’re going to continue to relay information on this exploding sector including growing companies just like Singlepoint. 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.