Phoenix, Arizona-based SinglePoint, Inc., an acquisition-based firm with a focus on emerging markets, announced in a press release CoinReport received that it has signed a Joint Venture agreement with Vancouver, British Columbia, Canada-based First Bitcoin Capital Corp. to develop and distribute a bitcoin payments solution for the cannabis industry.
First Bitcoin Capital is a prominent bitcoin and blockchain technology provider, while SinglePoint has a deep history in distribution.
The two companies, said the release, believe they have found a way to keep the customer experience unchanged at the Point of Sale (POS) when making credit or debit card payments at recreational and medical cannabis dispensaries.
“In January 2014 SinglePoint announced and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency,” said SinglePoint CEO Greg Lambrecht. “The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast.”
SinglePoint has successfully completed technology integrations with all the major carriers – ATT, T-Mobile, Sprint and Verizon -, IATS, Twilio and RedFynn, enabling itself to provide its text-based payment solutions and text message marketing.
SinglePoint will now utilize its experience to work and integrate with First BitCoin Capital to deliver an across-the-board payment solution. The two firms plan for this technology to be easily implemented into any POS machine through a simple download of the application.
“We are optimistic that our partnership with SinglePoint will produce positive cash flow to our bottom line,” said Greg Rubin of First Bitcoin Capital. “Between the two of our companies, we will have the ability to develop a best in class solution and SinglePoint will be able to help in distribution.”
“We look forward to providing cutting edge products and services to all states through the establishment of this new venture,” Rubin added.
New Frontier’s projections put the cannabis industry at $24 billion by 2026. Cannabis is now legal in some form in 29 states and the District of Columbia. Increased need for payment options is connected with this industry growth, said the release we received.
Image via press release