First Bitcoin Partners for Pot Service

FinTech, Investing, News, Regulation | July 12, 2017 By:

Publicly traded First Bitcoin Capital has partnered with marijuana services provider SinglePoint Inc. to create banking opportunities for the legal pot industry.

SinglePoint (SING) services the marijuana industry via its SingleSeed subsidiary, which has become a hub for dispensaries seeking merchant payment processing solutions and other business tools. SingleSeed also offers payment processing and text message marketing solutions for cannabis businesses.

In a step beyond SingleSeed’s offerings, First Bitcoin Capital (OTC: BITCF) has partnered to develop a proprietary bitcoin payment solution for the cannabis businesses that, at present, do not have access to banking options due to Food and Drug Commission restrictions and resultant lack of cooperation from banks. The bitcoin solution will be deployable on any point-of-sale machine through a download and will enable cannabis businesses to accept credit and debit card transactions independent of banks.

First Bitcoin Capital recently announced that it has invested its primary wallet, which owns dozens of cryptocurrencies, into closed-end crypto-exchange traded fund (CETF) AlphaBIT in exchange for controlling interest. This is the company’s very first foray into the ethereum ecosystem.