The race toward a cashless society continues to accelerate at an astounding rate, spurred by the widespread proliferation of mobile payments and digital transactions. According to a recent report, over a third of North Americans and Europeans say they’re willing to go cash-free, and as much as 78% say they expect to use cash even less over the coming year. But the trend isn’t just benefiting credit card companies and traditional banks.
Increased consumer adoption of digital payments as the predominant form of transactions is also unlocking transformative possibilities as well. A prime example is the sudden ubiquity of Bitcoin and the cryptocurrency industry, which has grown so much in popularity in recent years that retailers, financial institutions and even entire countries have been forced to embrace them. As a result, forward-thinking companies and entrepreneurs are empowered with a completely new toolkit to address market pain points that have been hampered by the limitations of conventional frameworks.
Take SinglePoint, Inc. (SING) as an example. The company has successfully completed text message marketing and payment technology integrations with companies such as Twilio (TWLO), RedFynn, IATS, and all the major carriers AT&T (T), T-Mobile (TMUS), Sprint (S) and Verizon (VZ). Now, SinglePoint has found a strategic sweet spot to combine its expertise in mobile technology with cryptocurrency applications that address a major industry obstacle in a booming multi-billion-dollar market.
“We are very excited about the new mobile payments solutions we are developing in the cryptocurrency market,” Greg Lambrecht, CEO of SinglePoint, told Equities.com. “We are bringing our experience in mobile payments and adding an additional option for high-risk businesses to accept payments. With this new development, we will be able to provide any type of payment solution a business needs.”
A Cryptocurrency Cure for the Cash Crisis
The primary appeal of cryptocurrencies and the underlying blockchain technology is the potential of a decentralized system, which relies on an open network of users rather than specific gatekeepers like banks or government institutions. This creates a more transparent, cost-effective, efficient and secure alternative to traditional banking, and democratizes the circulation of money.
At the moment, there is perhaps no better posterchild for the dangers of a closed monetary system than the burgeoning legalized cannabis industry. The cash crisis that many successful entrepreneurs are facing right now is very real, and is a significant constraint for the market to be fully functioning and capable of optimizing its growth potential.
Due to political and legal complications, these businesses have been completely neglected by the traditional financial ecosystem needed to conduct their operations. In short, banks don’t want to touch them, and as a result, these companies and otherwise thriving legitimate businesses are being left out in the cold.
Enter SinglePoint. The company, through its subsidiary SingleSeed, provides point-of-sale and mobile marketing solutions for the cannabis industry, and is in the process of developing a cryptocurrency that solves the cash problem for consumers and dispensaries. As part of that initiative, SinglePoint successfully closed a $1 million raise and entered into a strategic partnership with prolific digital currency operator First Bitcoin Capital (BITCF) to expedite the timeline of development.
“There’s a lot of cash out there. Security firms are hired to protect the cash,” Wil Ralston, VP of sales and marketing at SinglePoint, recently told the International Business Times. The company’s goal is to be able to begin testing its solution by September of this year.
In a recent update to shareholders, SinglePoint stated that the new digital currency would be driven by a consumer-first approach, which will “make for an easier transaction once at the point of sale.” This makes sense considering Bitcoin’s success was in large part due to its overwhelming grassroots momentum. If a large enough base of potential customers is adopting SinglePoint’s new currency, it’s hard to imagine retailers—or in this case, dispensaries—won’t do the same to accommodate for new business.
Taking Blockchain Beyond Currency
But SinglePoint sees potential applications beyond payments as well, primarily with blockchain, the underlying technology for cryptocurrencies. The company is working with First Bitcoin Capital on developing a blockchain powered seed-to-sale tracking system.
“All of these dispensaries need to be able need to track everything because the government is requiring them to,” Greg Lambrecht, CEO of SinglePoint, told Equities.com. “It is being tracked so that the government can collect their taxes. Blockchain is perfect for this type of tracking. So, that’s really exciting. Not only will we be in these dispensaries with our digital currency and payment technology, but also, we’re going to control their whole seed-to-sale process.”
To Lambrecht’s point, there’s no doubt that the cannabis and blockchain spaces have been the most robust emerging growth sectors of the market. SinglePoint’s goal is to be the intersection in which the two markets converge.
“That’s how we’re combining the blockchain with the cannabis industry,” Lambrecht said.“They’re two hot markets.They’re both new and they both have a huge future, so we’re excited about it.”
Much More to the SinglePoint Story
But there’s much more to SinglePoint beyond its blockchain initiatives. In addition to SingleSeed, the company’s portfolio of diversified holdings also include stakes in DIGS Hydro and Convectium. DIGS Hydro is a specialized retailer that sells products to growers and dispensaries. The company grew revenue by 400% in its first two quarters of operations, and is working on offering DIGS Hydro-branded products that will help to boost margins.
“DIGS is a perfect example in what we want to happen in an acquisition,” Lambrecht stated recently.“We acquired the company, injected the needed growth capital and [and are] seeing the results come in through increased revenue. In the near future we will be kicking off an online marketing strategy to sell products nationwide through Digshydro.com.”
Meanwhile, Convectium is a best-in-class equipment and packaging company, best known for the Shark 710, a large-scale, commercially available vape pen oil-filling machines. The company was named as one of the “15 Blazing Hot Weed Tech Companies to Watch” earlier this year by PCMag, and is projecting revenue growth of 150% to $3.5 million for full-year 2017.
The company is also in the process of uplisting to the OTCQB, and is finalizing its 2016 financial audit through Turner, Stone and Company. With revolutionary technologies in development that harnesses blockchain’s potential for the cannabis market, and acclaimed, revenue-generating businesses in its portfolio, SinglePoint is primely positioned to be a leader in the next phase of these booming markets.
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