Alt Thirty Six Gets $10 Million And CannTrade Cannabis Software Provider Blockchain Partnership
Alt Thirty-Six Announces $10 million Series A funding And Partnership With CannTrade, A Cannabis Software Provider
Alt Thirty-Six is a digital payment and compliance platform that connects cannabis merchants, with their vendors, suppliers, and consumers by facilitating transactions in real-time using proprietary ledger technology.
Alt Thirty-Six, a digital payments and compliance platform, announced they had secured a $10 million Series A funding to create a digital payment system for the cannabis industry. The Series A funding was led by a private equity firm and is expected to accelerate the development process of the digital payment system.
Speaking on the latest funding, the co-founder and CEO of Alt Thirty-Six, Ken Ramirez, said the company is “committed to revolutionizing the cannabis space” through the new digital payment solution. This is set to improve the transactions made in coffee shops and weed dispensaries. He further spoke on the Series A funding benefit saying,
“This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country.”
“We are thrilled to lead this funding round. Alt Thirty Six brings a new, payments-focused element to our portfolio, adding tremendous value to the cannabis businesses.”
The Alt Thirty Six Digital Payment Solution
The digital payment solution by Alt Thirty-Six will be built on a blockchain and will use the Dash (DASH) cryptocurrency to facilitate the payments. Dash is a decentralized privacy coin with low transaction fees and fast transaction times hence the integration to the payment solution.
The funding raised is set to further expand the market share of the company and advance the platform's technical functions and abilities. The U.S based company will also need the funding for licensing across various states. The development of a cannabis blockchain based payment solution is aiming at achieving a mass adoption across the world and in the cannabis industry as well.
Alt Thirty Six Partnership With CannTrade
Alt Thirty-Six further announced its partnership with CannTrade, one of the largest service providers of cannabis software technology. Alt Thirty-Six will provide the payment system to CannTrade with a goal to establish a cashless cannabis industry. Alt Thirty-Six further introduced a new member to the management team, hiring Chief Architect Jason Breidis, one of the leading members in integrating electronic systems in McDonald’s restaurants.