Recently, the booming success of cryptocurrencies has reached a point where they are no longer considered a bubble. As a result, more institutions are now accepting payments in digital currencies, especially Bitcoin; hence the budding of numerous Bitcoin payment solutions.
One such company is SinglePoint Inc., a publicly-traded firm. The corporation is set to inaugurate SingleSeed, its proprietary Bitcoin payment solution. In addition to being a subsidiary of SinglePoint, SingleSeed will provide technology services such as website creation, payments and marketing to clients in the cannabis sector using the principles of B2B.
By developing SingleSeed, SinglePoint will give its clients a simple way of tracking their goods and accepting e-payments via the use of a user-friendly platform. Moreover, customers will enjoy a stronger position in the market as well as an improved brand image.
The concept of SingleSeed first came up in 2014, when SinglePoint revealed that it was working on a Bitcoin payment solution. The goal of the project was to avail a dependable means of making Bitcoin transactions to users who possess either a credit or a debit card. The target audience includes all participants in the cannabis trade, form sellers to recreational and medicinal users. The service will be available at any point-of-sale.
Currently, the platforms accepts payments made in Bitcoin, but plans are underway to integrate other major cryptos such as Ethereum. Word on the street alleges that the project is under the stewardship of a renowned crypto engineer who has worked with leading blockchain enterprises such as Coinbase.
Cryptocurrency Exchange and Digital Wallet
SinglePoint will not stop at SingleSeed, as the company is also planning to develop a virtual assets exchange. The exchange is expected to roll out before the year ends. Apparently, the commercial advert aimed at promoting this exchange is set to hit the media in a few weeks. The paradigm shift towards crypto assets conforms to SinglePoint’s belief that they capitalize on opportunities in the crypto space by introducing specific differentiators.
On the wake of adoption of crypto assets, the necessity for the creation of a digital wallet intensified. In this regard, SinglePoint collaborated with SWRM to develop a crypto wallet through which users and clients can hold and transact in multiple currencies. The pilot phase of this wallet is will commence within a fortnight.
The cannabis industry is growing at a significant rate, and SinglePoint has made the most of this by continuously acquiring large stakes in major players on this sector. Earlier this year, SinglePoint sent an inquiry to MTH, a leading cannabis cultivator in California, seeking to acquire stakes in the company. MTH currently runs a vast cannabis farm, estimated to be covering at least 5 acres.
In February, SinglePoint purchased SmartCannabis, an organization concerned with the advancement of both cannabis cultivation techniques and the industry at large. Hence, SinglePoint grows through strategic mergers, acquisitions and innovations.
Based on the present position, SinglePoint projects a revenue amounting to $1.25 million in 2018. The goal is $10 million, however, according to the company’s CEO. This will be realized through sales and purchases.