Seattle, WA., Jan. 31, 2018 (GLOBE NEWSWIRE) -- CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article discussing SinglePoint, Inc. (SING) and their announced move to acquire 100% of Bitcoin Beyond
Marijuana’s mixed legality across the country means that major financial institutions are reluctant to loan and manage money for cannabis businesses. And this reluctance is likely to increase given Attorney General Jeff Sessions’ recent announcement that he’s rescinding an Obama-era memo that protected legal marijuana states from federal interference.
The lack of bank involvement not only makes it more difficult to start and manage a canna-business from a financial standpoint, but it also means that many of these businesses are sitting on large amounts of cash. This, of course, makes them more vulnerable to theft and violence, and nearly requires that canna-businesses pay exorbitant amounts in security and protection services, with many paying for full-time guards to monitor the premises. This costly and potentially dangerous problem is leading an increasing number of cannabis entrepreneurs and investors to look at cryptocurrency as a safer and more viable alternative to cannabis money management.
In response to the cannabis industry’s growing demand for electronic payment processing, on January 23rd, SinglePoint, Inc. (SING) announced its move to acquire 100% of Bitcoin Beyond. Bitcoin Beyond is a platform that allows retailers to accept bitcoin payments via their existing web-enabled point-of-sale device, which means that they won’t have to add additional systems to accept and manage bitcoin payments. The acquisition, which is valued at approximately $1 million in stock, will give SinglePoint the ability to provide a full purchasing experience from start to finish. This, in turn, is expected to afford marijuana merchants and bitcoin users a wide range of safer and more secure purchasing and payment options throughout the entire cannabis industry.
SinglePoint President, Wil Raston, is enthusiastic about the acquisition stating, “We are thrilled with this opportunity. Acquiring Bitcoin Beyond put us ahead of what we believe merchants have access to now. This platform has by far the easiest user interface we have seen in the market, and we are confident merchants will be quick to adopt this solution as it stands as the sole alternative to traditional options offered to the cannabis industry.”
Designed with over a decade of combined expertise (precisely 14 years) in both payment processing and online wallet solutions, the Bitcoin Beyond platform is founded on a familiar, comfortable, and widely used technology stack.
The platform employs best practices in both protection and security while ensuring the encryption of all private merchant data so that all payment activity is safe, protected and secure. This user-friendly and top-of-the-line technology also means that Bitcoin Beyond can be seamlessly integrated with payment frameworks that are already in place, making it incredibly simple for merchants to add bitcoin and other cryptocurrency payment options.
Please follow the link to read the full article: http://www.cannabisfn.com/singlepoint-sign…bled-pos-devices/
For more information, visit the company’s website at www.singlepoint.com.
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