SinglePoint Inc. (OTC: SING), a publicly-traded holding firm has announced that it will be launching its SingleSeed Bitcoin payment solution. SingleSeed is a subsidiary of the company and is a B2B (business-to-business) provider of various cannabis-based technology services which include web development, payments, and marketing.
In a statement, SinglePoint management said that offering user-friendly transaction platform will give cannabis investors additional easy-to-track means of accepting non-cash payments besides also strengthening the company’s market position and brand awareness.
SinglePoint Inc. began building this service in 2014 when it announced its intention to develop a new Bitcoin-based payment solution. The firm described the service as a “payment solution to make all instant Bitcoin-powered transactions and purchases possible when you have a debit or credit card.” Customers and any businesses, from recreational and medical cannabis dispensaries to convenience stores, can use the service at any point-of-sale.
The system is designed to accommodate BTC payments, but the company says it will extend it to facilitate other crypto payments like Ether (ETH). Sources indicate that this project is led by an experienced in-house engineer who has previously worked with different companies including Coinbase on various projects.
Crypto Exchange and Crypto Wallet
Besides the development of this Bitcoin-based payment solution, the company is reportedly also working on a crypto exchange. Management says they expect to launch the crypto exchange in the next few months. SinglePoint Inc. recently appointed one Kevin Harrington as its spokesperson for the anticipated launching of the SinglePoint Crypto Exchange. The firm’s commercial geared towards promoting the release of the crypto exchange is nearly completed, reports say.
The company’s management believes that they have a unique opportunity of entering the crypto space with some specific differentiators to the present exchanges, acknowledging recent acquisitions in the crypto space.
With this new development, the management says it has noted that it would be very beneficial to verticalize much of the process. This decision is what has reportedly led to the need for the company to build a cryptocurrency wallet with which consumers and merchants hold and utilize various currencies.
SinglePoint Inc. partnered with another listed firm, Appswarm, to develop the crypto wallet. “SinglePoint Inc. and SWRM (Appswarm) have partnered to develop a secure cryptocurrency wallet quickly. The wallet development is near completion, and it will be on test-flight within the next two weeks,” read a statement previously released by SinglePoint.
Recently, SinglePoint has actively been working to increase its market shares in the ever-expanding cannabis industry. It has mainly achieved through the acquisition of stakes in related firms. In February, the company sought to acquire a stake in California’s Cannabis Cultivation Group, MTH which now operates on close to 5 acres of land that is zoned for the cultivation of cannabis.
Again in February, SinglePoint expanded its venture with SmartCannabis, a corporation that is advancing the cannabis’ agriculture and the cannabis industry. The public equity corporation grows through strategic alliances, proprietary intellectual property, and acquisition.
Greg Lambrecht, SinglePoint’s CEO says that based on their current position, the company projects “up to $1.25 million in revenues for 2018.” He, however, noted that SinglePoint aims at $10 million for 2018 which it expects to raise through acquisitions and internal sales.
