Furthering its efforts to innovate solutions for the cannabis industry, SinglePoint, Inc. (OTC: SING) has taken a step forward in its endeavor to offer a bitcoin payments solution for cannabis businesses through its partnership with First Bitcoin Capital Corp. (OTC: BITCF). SinglePoint recently announced (http://nnw.fm/dS8l3) it has successfully closed a $1 million convertible promissory note with an institutional investor — the proceeds from which will be used to fund the company’s bitcoin payments endeavor and will enable SinglePoint to move quickly in developing a cryptocurrency solution and continuing its acquisitions activities in the cannabis space.
A lack of banking options for legalized marijuana businesses in the United States currently poses a significant obstacle for these cannabis enterprises, forcing them to conduct cash transactions because they do not have the cooperation of banks or the FDIC to accept credit and debit cards. Seeing bitcoin technology as a potential solution for this problem, SinglePoint recently partnered with First Bitcoin Capital to develop a proprietary bitcoin payment solution that can be implemented in any point-of-sale machine through an easy download and will allow…
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