NetworkNewsWire
Editorial Coverage: Until recently, cryptocurrencies were
relatively mysterious to the general public of consumers, merchants
and retailers who were unaware of the advantages that blockchain
technologies could have in easing and securing private
transactions. But free markets abhor vacuums, and several public
companies are advancing programs to educate and bring the broader
public into cryptocurrency transactions. SinglePoint, Inc.
(SING) (SING
Profile) is aggressively making
strategic acquisitions in the blockchain and cryptocurrency space,
while an increasing number of recognizable industry behemoths like
Overstock.com, Inc. (OSTK), Microsoft, Inc. (MSFT)
and Tesla, Inc. (TSLA) are delving into
cryptocurrencies and blockchain. Others like Starbucks
Corp. (SBUX) have expressed optimism in its potential for
consumer transactions, though stopping short of accepting bitcoin
as payment.
Like any new technology, acceptance of cryptocurrencies will
continue to rise as more companies offer it as a form of payment,
and as consumers become more comfortable and knowledgeable using
it. To this accord, companies in a wide reach of industries are
staking a claim in blockchain.
TV Ads to Educate the Public
In mid-January SinglePoint Inc.
(SING) announced a collaboration with successful serial
entrepreneur Kevin Harrington, who is not only known as the father
of the informercial, but as the founder-creator of the As Seen
On TV retail industry and an original panel member on the
television series SharkTank.
The fact that SinglePoint garnered the attention of Harrington
is testament to the company’s increasing brand visibility; its
ability to secure a partnership with him is just one example of
management’s firm grasp on business development.
“Kevin’s [Harrington’s] legendary work producing the launch of
more than 500 products is just one of the many reasons we are
thrilled about this partnership,” said Ralston (http://nnw.fm/6Phkt). “Impressively, 20 of Kevin’s
companies have each topped $100 million in revenue. We look forward
to partnering with such a visionary individual and discovering what
this means for the future of SinglePoint.”
SinglePoint has already filmed a television commercial slated
for a first-quarter national launch, which showcases Harrington as
spokesman for SinglePoint’s crypto-currency division. The
SinglePoint campaign plans to air the Harrington spot on major
financial news networks, such as CNN, Fox News and others, as well
as key web outlets, where Harrington will inform viewers of the
advantages of SinglePoint’s payment app mobile wallet.
In the pending TV ad, Harrington will show people how to acquire
tokens to their wallets, SinglePoint founder and CEO Greg Lambrecht
explained in an interview (http://nnw.fm/JnN3e) with Don Baillargeon, founder and
host of the Money TV investment show.
The SinglePoint television ads will not only show consumers and
others how to use cryptocurrencies, but also why and where to best
advantage.
One-Stop Shop
SinglePoint is one of the few pioneering companies looking to
establish a “single place where you can come and have a wallet for
any cryptocurrency, whether it be bitcoin, Ethereum, Litecoin, or
Ripple, whatever it is, and have it all in one place,” Harrington
told Baillargeon.
As he further explains, the business environment and prospects
for SinglePoint’s mobile payment app is analogous to the same kind
of “explosive” promise that GoDaddy.com enjoyed in the early 1990s
as a single place to register various domains.
GoDaddy found success in its user-friendly, simplified business
model, the idea of which SinglePoint aims to replicate for
cryptocurrencies.
GoDaddy.com Deja Vu
SinglePoint is a variation on the GoDaddy business-model - that
of bringing together into one place all that a consumer or business
needs to operate confidently and easily with cryptocurrencies.
The cryptocurrency trend is gathering steam, which is another
reason Harrington has joined SinglePoint in its endeavors.
“As bitcoin becomes more applicable, and used in more
establishments—just recently the [Dallas] Mavericks, Mark Cuban’s
company, started taking bitcoins for tickets, and Overstock.com,
has been doing an amazing job for years taking bitcoins—I feel that
generally the market will follow,” said Harrington.
“SinglePoint’s game-changing approach to serving high-risk
markets is the reason that after 30 years of empowering
entrepreneurs I am still excited to get to work every day. Working
closely with SinglePoint’s executive team I am confident 2018 will
be a phenomenal year for the company.”
SinglePoint Acquisitions
SinglePoint’s consistent track record of acquisition-based
growth was bolstered earlier this week when the company uplisted to
the OTCQB Venture Market. The achievement will enable the company
to increase acquisition deal flow and gain access to institutional
investors, adding fuel to its growth strategy.
“We are extremely pleased to be approved for OTCQB. It is a
great step for SinglePoint as we continue to grow and build our
footprint. Increased transparency and credibility will help broaden
our shareholder base and provide additional exposure to the
institutional investor community, ultimately contributing to
increasing shareholder value,” SinglePoint CEO Greg Lambrecht
stated in the press release (http://nnw.fm/7zv3Q).
Among other recent endeavors, SinglePoint in January 2018
reported its plan to buy 100% of the privately held Bitcoin Beyond,
a platform that enables retail merchants to accept bitcoin payments
using existing web-enabled point-of-sale devices. With the
acquisition, SinglePoint offers a full end-to-end purchasing
experience that provides merchants and bitcoin users unprecedented
capabilities.
Bitcoin Beyond was originally created to address growing demand
for fast and reliable electronic-payment processing for the
expanding and legal cannabis industry. Most public commercial
banks, as they accept federal deposit insurance, must comply with
certain federal laws and regulations that prevent serving even the
legal cannabis industry. As a result, many cannabis merchants and
suppliers face physical cash-management issues that require
expensive and risky on-site safes, armed guards, armored cars, and
physical cash transfers.
Bitcoin Beyond offers the cannabis industry a pathway to
overcome the commercial banking challenges, functioning as a
general-purpose point-of-sale system that processes
dollar-denominated payments using bitcoin.
Building the SinglePoint Portfolio
Bitcoin Beyond is the latest addition to SinglePoint’s growing
portfolio, which also includes the company’s proprietary bitcoin
exchange (app.SingleSeed.com) and numerous key industry
collaborations and investments.
In December SinglePoint reported it had formalized a
joint-venture agreement and made the first payment to AppSwarm
(OTC: SWRM) to start development on a delivery application that
will enable licensed delivery services and licensed dispensaries to
safely make in home deliveries. This agreement strengthens
SinglePoint’s position in the cannabis and cryptocurrency markets,
where the company continues to deepen its roots.
The company’s partnership with fintech solutions provider
Global Payout
(GOHE) is focused on advancing and streamlining the process
involved in delivering payment applications, while its
collaboration with SMART Cannabis Corp. (SCNA) provides an entry
into the commercial marijuana cultivation market. The joint venture
with SCNA will allow the two companies to incorporate blockchain
currency into Smart Cannabis’ SMARTAPP, and sell it to growers,
integrating seed-to-sale and payment mechanisms (http://nnw.fm/t2SAz).
SinglePoint plans to acquire additional companies and
technologies to broaden its footprint in the emerging blockchain
space and deploy its products and services to major established
markets.
The Public Bets on Cryptocurrencies
If 2017 was the year cryptocurrencies entered the public
consciousness, then 2018 is the year punters—that is,
bettors—expect much wider adoption of cryptocurrencies to begin,
reports the Betway Group, a British online betting platform that
offers options to bet on sports, casinos, and various public
events, such as political elections and future consumer
preferences.
To date, the general financial and consumer markets—with some
prominent exceptions—have not yet embraced cryptocurrencies, but
certainly retailers have every incentive to accommodate consumers,
including those with bitcoins to spend.
Interestingly, the recent adoption of bitcoin futures markets by
the Cboe Global (CBOE) and CME Group (CME) allows large retailers
and others to hedge their bitcoin positions, reducing exposure to a
sudden decrease in bitcoin value. So the risks of holding a large
number of bitcoins can now be mitigated for large retailers and
other institutions as well.
New data from Betway Group show bettors expect even the largest
of retailers, such as Walmart (WMT) to start accepting bitcoin or
crypto-currencies in 2018.
About 83.3% of bettors expect Walmart to start accepting
cryptocurrencies in 2018, and 75.0% for British Airways and 66.7%
for McDonalds.
Retailers and Cryptocurrencies
Overstock.com (NASDAQ: OSTK) was one of the
first retailers to accept bitcoin, but the online discount-house’s
CEO recently told CNNMoney he may consider selling off retail
operations to focus on the 10 blockchain companies it owns. In
mid-January, Polymath, a security token launch pad, reported a
partnership with Overstock’s blockchain subsidiary, t0.com, Inc.
(tZERO) in which Polymath is acting in an advisory role in
connection with tZERO’s $250 million ICO.
Tesla (NASDAQ: TSLA) the battery and
electric-car manufacturer, and potential tunnel-borer, has also
launched its own blockchain currency, the Teslacoin, worth about
$0.10 in late January trading. The tech-outfit said there is a
permanent maximum limit of 75 million Teslacoins will ever be
minted (www.Tesla-Coin.com).
Microsoft (NASDAQ: MSFT) The software giant has
blown hot and cold on bitcoin, but presently is accepting the
digital currency at its Windows and Xbox online stores. Buyers can
add bitcoin to their Microsoft-sanctioned digital wallets that they
can then redeem as dollars. Microsoft first started accepting
bitcoins for some products in 2014.
Starbucks (NASDAQ: SBUX) Executive Chairman
Howard Schultz has advised that the ubiquitous coffee-shop chain
does not plan to accept bitcoins. However, he expressed confidence
in the potential of blockchain technology to serve as a catalyst
for a “legitimate” digital currency. “I personally believe that
there is going to be a one or a few legitimate trusted digital
currencies off of the blockchain technology. And that legitimacy
and trust in terms of its consumer application will have to be
legitimatized by a brand and a brick and mortar environment, where
the consumer has trust and confidence in the company that is
providing the transaction,” he stated in a recent post-earnings
call.
Crowd Intuition
Some have argued that the “wisdom of crowds” is a superior
mechanism for divining future commercial trends than the sole
reliance on expert opinion, and further that betting markets are
excellent devices for predicting outcomes of elections or the
introduction of new technologies.
For now, it appears the crowds expect major retailers to begin
embracing cryptocurrencies, and in the not-too-distant future.
What is clear is that retailers are not in habit of putting up
moats between themselves and customer money. If consumers have
bitcoins or other cryptocurrencies, then retailers will follow—and
the smart outfits may lead.
For more information on SinglePoint, visit SinglePoint Inc.
(SING)
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