NEW YORK, November 16, 2017 /PRNewswire/ --
The price of bitcoin recently hit an all-time high of more than $7,800, edging closer to Goldman Sachs' (NYSE: GS) forecast that the cryptocurrency will hit $8,000. This projection echoes increasing interest and application for cryptocurrency, as demonstrated by several public companies such as high-tech payment processing solutions provider SinglePoint, Inc. (OTC: SING) (SING Profile), which stands at the nexus of two roaring industries: cryptocurrency and cannabis. The widespread applicability of blockchain technology to multiple industries, combined with investor's insatiable appetite for bitcoin and other cryptocurrencies, has also lit a fire under sector players Bitcoin Investment Trust (OTC: GBTC), HIVE Blockchain Technologies Ltd. (TSX-V: HIVE), Global Blockchain Technologies Corp. (OTC: BLKCF) and Bitcoin Services, Inc. (OTC: BTSC).
SinglePoint, Inc. (OTC: SING) in 2010 cut its teeth in payment innovations as a pioneer of payment enabled text messaging. But as CEO of SinglePoint, Greg Lambrecht recently explained in an interview, the company is not resting on its laurels and is making significant strides to stay ahead of the curve (http://cnw.fm/gH8Pw).
Earlier this week, the company announced the soft launch of a bitcoin exchange (app.singleseed.com) designed to solve the specific payment challenges in the cannabis industry. Recognizing that the cannabis payments space lacks a leading solutions provider, SinglePoint cites demand for convenience as the primary driver for building the app, which will process credit or debit cards - something unique to the cash-only transaction model currently used in the cannabis industry due to federal regulations and banks' hesitancy to provide services to cannabis businesses. Through an easy-to-use sign up form and ID verification, SinglePoint's exchange will enable customers to set up their account online beforehand or sign up within seconds directly at the point of sale.
"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," Wil Ralston, president of SinglePoint stated in the press release (http://cnw.fm/uE1c7).
The new solution can be utilized by any business from convenience stores to dispensaries in the 29 legal states and District of Columbia.
SinglePoint also utilizes an aggressive acquisition-based growth strategy, and has snapped up four cannabis companies in 2017 with two more in the hopper slated for acquisition before the year's end. Given that credit card payment solutions are not currently viable for dispensaries in states where marijuana is legal, there is a significant opportunity within the multi-billion dollar global cannabis market for SinglePoint's SingleSeed Payments subsidiary to solve the payment processing dilemma while fully leveraging cryptocurrency and blockchain technology. Simultaneously, the company aims to deliver to the cannabis and other high-risk sectors the same transparency, ease of use, and situational awareness that blockchain is poised to deliver in other industries.
SinglePoint also recently signed an LOI (http://cnw.fm/qSm2a) with mobile app developer AppSwarm, Inc. (OTC: SWRM), to offer a B2B/B2C services app geared to the cannabis industry that will serve as the base for other productivity and workflow improvement applications. The AppSwarm LOI came soon after that company's announcement (http://cnw.fm/ie67D) of a "last-mile" delivery app for local groceries and pharmacies, clearly demonstrating how SinglePoint understands perfectly the confluence of all these technologies, and how they will collectively reshape the world of retail.
Blockchain technology, as a decentralized (distributed) ledger that can track anything from cryptocurrencies and transaction records to RFID-tagged physical assets, is ideal for verification tasks. As such, the idea of a cryptographically secure ID verification platform like the one SinglePoint is rolling out, which not only allows users to sign up in seconds at the point of sale, but also provides bitcoin-powered convenience (which consumers have come to expect when making debit or credit card purchases), is something that should appeal to all parties in the space.
Regulators get the security of knowing there is a redundant and decentralized real-time record of production, shipments and transactions, while dispensaries get cheaper and better workflows, as well as improved marketing and the kinds of user experiences that promote repeat business. And consumers get a simplified, secure and easy to use purchasing regimen that is already familiar to them.
The same game-changing impact that blockchain technology is having on industries like banking, where it was recently estimated by Santander InnoVentures that the technology could save banks as much as $20 billion a year by 2022, will help to cement the still controversial cannabis market in the U.S. and around the globe. The logistical benefits of eliminating the need for a centralized authority, allowing engaged parties to rely instead on the power of the distributed blockchain and features like self-executing smart contracts, is something which could give the cannabis industry just the kind of inherent respectability it needs.
Bitcoin Investment Trust (OTCQX: GBTC) certainly understands the potential for crypto and blockchain, given that it is sponsored by Grayscale Investments, which was established by the Digital Currency Group in 2013 and also sponsors the Ethereum Classic and Zcash Investment Trusts. As the first entity whose shares are publicly quoted securities, solely invested in and deriving value from the price of bitcoin, GBTC is a significant milestone for the crypto space. It is worth noting that Grayscale recently updated GBTC shareholders about plans to distribute the roughly 173,014 coins (units) of Bitcoin Cash held by the Trust. GBTC gives investors considerable exposure to bitcoin via a traditional investment vehicle with shares titled in the investor's name and which can be bundled into traditional IRA, Roth IRA, and other brokerage/investor accounts.
Another key blockchain player is HIVE Blockchain Technologies Ltd. (TSX-V: HIVE), shares of which hit a new 52-week high of $5.83 a share on November 3, alongside the recent spike of the bitcoin price. The company signed a binding letter of agreement in late October with Genesis Mining to complete a GPU mining facility for cryptocurrency in Sweden, a country with a solid track record for being pro cashless, and warmly embracing crypto. Anticipated for completion in late December, this new facility will increase the company's already beefy Iceland-based mining capacity by some 175 percent, and bring HIVE one step closer to the company's goal of bridging the gap from the blockchain sector to traditional capital markets.
Global Blockchain Technologies (OTC: BLKCF), a Canadian investment banking company focused on delivering a basket of blockchain-centric holdings to its investors, recently made a big push into crypto mining with entry into an agreement to acquire a 49.9 percent interest in novel, streaming model-based miner, Coinstream. The company plans to spin-out its pure play cryptocurrency mining division, Global Blockchain Mining Corp., and stands to acquire some 12,500 bitcoins over the life of the streaming contracts. An ingenious move given that Coinstream has put together 10MW of power in dedicated, purpose-built data centers in Manitoba, where energy is under $0.04/kWh. Looks like streaming contracts for future production aren't just for the precious metals or commodity markets anymore.
Having climbed more than 900 percent year-to-date, Bitcoin Services (OTC: BTSC) is another good example of crypto-exposed share price appreciation being driven, in part, by the meteoric rise of the price of bitcoin. This bitcoin miner and blockchain software developer began mining the spend-anywhere digital cash known as Dash in Q1 2017 and recently created a new subsidiary, Crypto Capital, focused on implementing a crypto wallet solution. Bitcoin Services is also one of the instrumental bitcoin escrow service providers helping to keep the blockchain healthy.
Bitcoin rebounded nicely over the first two days of the week of November 13, trading around $6,600 after having been pushed down under the $6,000 mark over the weekend, amid the BCH hype and debut of Bitcoin Gold. With major tech players from IBM to Microsoft fully engaged in developing blockchain solutions for multiple industries and increasing interest pouring into the space across multiple cryptocurrencies from every class of investor, now is the time to comb through the smaller companies with compelling access to this sector.
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
Receive Text Alerts from CannabisNewsWire: Text "Cannabis" to 21000
For more information please visit https://www.CannabisNewsWire.com and or https://CannabisNewsWire.News
DISCLAIMER: CannabisNewsWire (CNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by CNW are solely those of CNW. Readers of this Article and content agree that they cannot and will not seek to hold liable CNW for any investment decisions by their readers or subscribers. CNW is a news dissemination and financial marketing solutions provider and is NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, CNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.
CNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CNW undertakes no obligation to update such statements.
FN Media Group, LLC