It has been Bitcoin madness here on Street Register of late, with the cryptocurrency soaring to new all-time highs once again this week, this time breaching the $11,000-mark. The focus we have devoted to the extremely hot sector has caused us to momentarily shift our attention from another of our favorite market spaces- cannabis. In the case of AppSwarm Inc (OTCMKTS:SWRM), we don’t have to choose.
The company has teamed up with another company that we discuss often, in Singlepoint, to develop and implement a series of solutions that uses bitcoin payments to service the marijuana industry. As it stands, it seems like a very synergistic fit.
AppSwarm Inc (OTCMKTS:SWRM) has completed development plans with SinglePoint Inc (OTCMKTS:SING) to conduct a shared roll-out of mobile applications specifically geared to solve issues in the cannabis space using the Blockchain technology and Bitcoin payment options. The applications and tech will be modelled and marketed under SinglePoint’s SingleSeed subsidiary, while AppSwarm will provide the necessary technical support and application development. The venture calls for a 50/50 revenue share on all products to be deployed.
The Crypto and cannabis market is in need for technology solutions that can advance productivity and do it safely. AppSwarm and SinglePoint intend to develop mobile applications that address these needs by creating a system that allows a business to see what is going on in the market around them. The mobile apps and tech created will also modernize the consumer experience by adding in SinglePoint’s payment features, as well as a multitude of other functionalities that are currently proprietary to AppSwarm.
“This JV with SinglePoint allows them unfettered access to all of the technology we currently have in-house, as well as what we are and will be developing in the near future. With the Crypto space expanding at mind-boggling speed it only makes sense to be partnering with such a prestigious industry leader in SinglePoint,” stated AppSwarm CEO Ron Brewer.
SinglePoint and AppSwarm plan to launch the first application mid-January 2018 as well as release additional applications shortly after the initial launch. The first application will provide a base for additional applications and will be a service-based application for the business-to-business (B2B) and business-to-consumer (B2C) markets.
The cryptocurrency market cap has reached $300 billion, according to marketcap.com, with gains in many of the major currencies, particularly as Bitcoin price has jumped over $9,500. The market cap has been driven by a number of factors, but Bitcoin continues to maintain a 53 percent dominance in the total cap.
The cannabis market is projected to reach $50 billion by 2025. Currently, cannabis is legal in 29 states and the District of Columbia. These mobile applications will be available for use in all states. As new states legalize, the companies will look to grow alongside the new states opening to legalized cannabis sales.
SinglePoint CEO Greg Lambrecht states, “We are excited to be working with AppSwarm on our proposed solutions. What they have shown us they have in-house supports what we are looking to roll out into the industry. We will work with what they have and continue to build new applications to add value. This is really a win-win partnership for both teams as they have great technology and we have capital to roll out a national campaign to quickly start driving positive revenue for both companies.” (Source: Globe Newswire)
We’ve seen more than one company attempt to marry crypto and cannabis, without anyone making very big waves at this point. That’s why we’re eager to continue to track this story, to see if SWRM and SING will be among the first to implement a successful suite of solutions. Stay locked to Street Register for updates, and we’ll deliver important developments on SWRM 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 SWRM stock, short or long.