- SinglePoint capitalizing on exceptional growth in legal cannabis and cryptocurrency markets via its subsidiary, SingleSeed
- Bitcoin price has increased from $1,000 to over $15,000 in the last year
- Legal cannabis market forecast to reach more than $63 billion by 2024
A diversified holding company with operations in multiple industries and verticals, SinglePoint, Inc. (OTC: SING) is focused on providing full-service mobile technology solutions by capitalizing on two high-performing market sectors, legal cannabis and cryptocurrencies. Over the past year, the price of bitcoin has exploded, from just over $1,000 in January 2017 to over $15,000 on January 9, 2018. The legal cannabis market has also seen significant growth with increasing legalization in North America and Europe, and it’s projected to reach over $63 billion in global sales by 2024, up from just over $14 billion in 2016 (http://cnw.fm/tnR41).
SinglePoint will proceed with a full launch of its subsidiary, SingleSeed, during the first quarter of 2018 to provide a platform for retailers and consumers in the legal cannabis industry to process cryptocurrency payments. Based on blockchain technology, the SingleSeed platform is a proprietary payment processing app that enables payment by bitcoin instead of conventional currency. Blockchain technology facilitates a more efficient, faster and more secure payment process, as well as providing an alternative to many operators in the cannabis sector that don’t have access to traditional banking processes.
Apart from facilitating cryptocurrency payments, the SingleSeed app enables merchants to upload photos and descriptions of their products, and track and update inventories. The app is user-friendly, providing an easy, efficient account registration process to facilitate immediate point-of-sale transactions. The platform also enables dispensaries to use it for text message marketing in order to develop customer relationships and build trust.
While SingleSeed was designed to provide a payment solution to the cannabis industry, it is not industry-specific, and SinglePoint will be able to customize the platform for any industry application in the future. SinglePoint’s proprietary payments solution is currently based on bitcoin, but the company intends to accommodate ethereum in the near future. Currently priced at over $1,200, ethereum could triple in value by the end of the year, according to co-founder Steven Narayoff (http://cnw.fm/71CCq). SinglePoint’s ultimate goal is to accommodate payments by both cryptocurrencies within its integrated mobile solutions for use by enterprises of all kinds.
With a market cap of over $100 million, SinglePoint is focused on acquisitions of small to medium-sized companies that have developed innovative technologies to expand its portfolio, with a view of providing investors with investment opportunities across a wide range of assets. On December 5, 2017, the company announced a joint venture with Smart Cannabis Corporation (OTC: SCNA) to license and market Smart Cannabis’ SMART APP. Based on IoT technology, SMART APP enables cannabis growers to measure all aspects of cultivation, from soil nutrient levels to watering cycles and carbon dioxide content in the air. As part of the joint venture agreement, SMART APP will integrate SinglePoint’s bitcoin payment solution to enable growers to process safer and more secure transactions. SinglePoint also entered joint venture agreements with Global Payout (OTC: GOHE) and AppSwarm (OTC: SWRM) last year to strengthen its cryptocurrency payment services and to provide value-added solutions, including licensed in-home delivery services.
For more information, visit the company’s website at www.SinglePoint.com
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