SinglePoint Developing a Proprietary Bitcoin Exchange to Solve Payment Processing Issues in High Risk Markets
August 07 2017 - 7:30AM
InvestorsHub NewsWire
SinglePoint Developing a Proprietary Bitcoin Exchange to Solve
Payment Processing Issues in High Risk Markets
August 7th 2017 - SinglePoint Inc. (OTC:SING), is providing
a first-hand look at the company's new Bitcoin exchange aimed
toward solving the payments issues plaguing todays cannabis
industry. Currently, there is no standard for payment processing
the cannabis market. It is an underserved market with vast
opportunity for technology to solve the payments issue.
SinglePoint has started building an in-house solution enabling
consumers to obtain Bitcoin at any point of sale. The new solution
can be utilized by any business, from convenience stores to medical
and recreation cannabis dispensaries. The company states it will be
a payment service to make instant bitcoin powered purchases
possible when all you have is a credit (or debit) card.
The company has done extensive research and the application will be
KYC-AML compliant. Through a simple sign up form and easy ID
verification component a customer will be able to set up their
account online beforehand or will be able to sign up within seconds
directly at the point of sale. SinglePoint has seen a similar type
of solution being utilized abroad but not yet in the United States.
As an early mover in building this solution company management is
confident there will be a strong market for the solution and has
already starting collecting potential customers through the company
website.
Beyond Bitcoin, SinglePoint is currently in negotiations to make a
major purchase from a company that has recently ICOed a cannabis
specific crypto currency to be used specifically for the
cannabis industry. SinglePoint will roll this into its point of
sale crypto currency offering. Enabling the consumer to purchase
which ever coin they would like to as well as giving the
dispensaries the option of which coin they would like to
accept, which could be both.
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.
We are very excited about this solution. in 2014 we started to
explore the world of Bitcoin and believed then Bitcoin would
have an impact on the cannabis industry. With the currencies new
found consumer adoption we believe this is the time to execute and
we are doing that in a big way. We have employed an expert and he
has architected exactly what we need. Sign up, Swipe and Pay. At
the end of the transaction if there is left over Bitcoin the
consumer walks away with it. The bottom line is, it's easy and
almost gives the customer the same experience they are used to
using every day. states, Wil Ralston, President of SinglePoint.
SinglePoint has engaged TopTal a San Francisco based company
providing freelance engineers to build out the Bitcoin based
solution. SinglePoint is targeting to have a beta solution ready
for testing and a major launch at the Las Vegas Marijuana Business
MJBIZCON November 14th - 17th. SinglePoint plans to partner
with multiple retail cannabis stores in the area and have
conference attendees sign up at the SinglePoint booth to receive a
discount at a local retail store.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile
technology provider to a publicly traded holding company. Through
diversification into horizontal markets, SinglePoint is building
its portfolio by acquiring an interest in undervalued subsidiaries,
thereby providing a rich, diversified holding base. Through its
subsidiary company SingleSeed the company is
providing products and services to the cannabis industry.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint_
https://www.linkedin.com/company-beta/165982/
For more information visit:
Forward-Looking Statements
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act
of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934,
and are subject to the safe harbor created by those rules. All
statements, other than statements of fact, included in this
release, including, without limitation, statements regarding
potential future plans and objectives of the Company, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt
implementation of any strategically significant plan(s) outlined
above. The Company undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release.
IR Contact:
Greg Lambrecht
855-711-2009
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