Arizona’s Fintech Program Now Includes ALTA, A Marijuana-Focused Stablecoin Issuer

According to a press release issued by the Arizona Attorney General's Office recently, a startup called Alta has officially been added to the state’s fintech sandbox. To be a bit more specific, Alta is the seventh firm to join this list and its goal, as per the company’s website, is to help address the banking needs of a statewide industry that is touted to be worth $350 million.

As per some of the federal regulations that are currently in effect across the USA, financial institutions (such as banks) are not allowed to involve themselves with any marijuana related businesses.

Arizona-based regulators are of the opinion that Alta’s dollar-pegged-stablecoin as well as the firm’s native payment network have the potential to eliminate many of the issues that are currently stifling the growth of the marijuana industry.

Recently, Alta co founder and CEO, Jesse Forrest, released a statement highlighting the specificity of his company’s latest financial offering and how it takes into consideration a host of legal factors — so as to remain fully compliant with the US’ existing monetary rules and regulations. Forrest was quoted as saying:

“We help solve the banking challenges facing medical marijuana companies and their vendors. ALTA uses blockchain and geofencing technology to protect clients’ digital payments and transfers. Other digital payment companies require a bank account. We provide all the financial services medical marijuana companies need without requiring a bank account.”

In closing out this piece, it should be mentioned that State Representative Jeff Weninger (who is also the mastermind behind Arizona’s fintech program) recently held a meeting during which he welcomed Alta to the state’s regulatory ecosystem.

On the development, he pointed out that there was currently a big market for stablecoin technology — especially within various cash-intensive business sectors.