CannabisNewsWire
Editorial Coverage: In just two months’ time, rising superstar
bitcoin has almost doubled its trading record. This leading
cryptocurrency, which has continued to shatter its own records
again and again this year, broke the $5,000 ceiling in September
and is now closing in on $10,000 just under two months later.
Bitcoin is definitely a hot ticket among investors right now, but
not all investors want to put money into this cryptocurrency
directly. Various enterprising companies emerging within the
marketplace are providing promising ancillary investment options
for those seeking to cash in on bitcoin’s rising star without
investing directly in it. Such companies include
SinglePoint, Inc. (SING) (SING
Profile), Bitcoin Investment
Trust (GBTC), Bitcoin Services, Inc.
(BTSC), HIVE Blockchain Technologies Ltd. (TSX.V:
HIVE) and Riot Blockchain, Inc.
(RIOT).
On Nov. 15, holding company SinglePoint
(SING) soft-launched its much-anticipated proprietary bitcoin
exchange (app.singleseed.com), which is aimed at solving payment
problems related to high-risk transactions — specifically those
plaguing another red-hot industry: cannabis.
In the United States, SinglePoint has become a first mover with
its proprietary bitcoin payments solution, which is making it
possible for marijuana vendors and users to conduct transactions
using debit and credit cards via the vehicle of bitcoin. Due to
continued federal restrictions, the majority of cannabis merchants
operating in the U.S. have had to conduct their transactions in
cash only, which poses many problems and inconveniences.
SinglePoint’s innovative solution, however, is changing all
that.
Designed to serve cannabis businesses but also having an
application that goes beyond them, SinglePoint’s solution is fully
KYC-AML compliant and can be used by any business. For marijuana
vendors specifically, it can be utilized within any of the states
where marijuana currently has a legal status. It is designed as a
payment service that enables instant bitcoin-powered purchases
using credit and debit cards. Through a user-friendly signup form
and ID verification, customers can set up accounts online prior to
visiting a cannabis merchant, or they can sign up in just seconds
at the point of sale.
In addition to making card-based transactions possible for
“unbankable” cannabis vendors, SinglePoint’s solution enables
dispensaries to digitally track their inventories and upload
inventory-related data, including photos and product descriptions.
Once a customer purchases a product, it is automatically deducted
from a dispensary’s inventory listings.
Beyond changing the game for U.S. cannabis businesses, this
pioneering payment exchange can, and likely will, go even further,
enabling businesses of all types — in both high-risk and low-risk
markets — to conduct instant card-based transactions that are
powered by bitcoin.
Through an aggressive, acquisition-based growth strategy,
SinglePoint continues finding great success. Its price per share
rose from $0.01 in early January 2017 to more than $0.07 in
November. The highly anticipated launch of the company’s bitcoin
payments solution serves as yet another indicator of SinglePoint’s
sustained growth.
An updated investor kit (http://cnw.fm/34cVP) details SinglePoint’s products,
leadership team and investor highlights and provides key insights
into the company’s goals.
Another entity that enables individuals to invest in bitcoin
without actually having to buy, store or safeguard the
cryptocurrency is Bitcoin Investment Trust (GBTC),
a U.S.-based, open-ended grantor trust that is sponsored by
Grayscale Investments. Invested exclusively in bitcoin, GBTC has
stood out as the first publicly quoted bitcoin investment vehicle,
allowing U.S.-based investors to gain exposure to bitcoin’s price
gains through a traditional investment vehicle without the need to
purchase, store or protect bitcoin. GBTC was named among OTC Market
Group’s “OTCQX Best 50” for 2017, and its price per share has
skyrocketed in the past year, soaring from $103.30 on Nov. 28,
2016, to $1,297.98 as of Nov. 27, 2017.
Another player offering bitcoin-related ancillary services is
Bitcoin Services, Inc. (BTSC). Like SinglePoint,
BTSC began 2017 with a price per share of just $0.01 but has since
climbed to $0.35 as of Nov. 27. Among its offerings, BTSC provides
bitcoin escrow services and also develops and commercializes
blockchain software. BTSC is additionally engaged in mining
cryptocurrency. During 2017, BTSC formed a new subsidiary, Crypto
Capital Corp., with the intention of developing a crypto wallet
that allows users to securely store multiple digital currencies in
one wallet.
Listed on Canada’s TSX.V exchange, HIVE Blockchain
Technologies (HIVE) is another crypto-related player that
stands out, having made its mark as the first publicly listed
blockchain infrastructure company to create a bridge between
blockchain/cryptocurrencies and traditional capital markets.
Growth-oriented HIVE is engaged in a strategic partnership with
Genesis Mining Ltd., with the aim of building the next generation
of blockchain infrastructure. The company owns cutting-edge
GPU-based digital currency mining facilities in Iceland that
produce mined digital currency around the clock, and HIVE further
has an option to acquire at least three more data centers in
Iceland and/or Sweden from Genesis Mining. HIVE has the ability to
accelerate the blockchain sector’s development through traditional
capital markets while simultaneously creating long-term value for
shareholders. HIVE boasts low working capital requirements,
allowing the strategic sale of coins for maximum profit; and the
company’s robust balance sheet also offers the flexibility to
pursue additional blockchain opportunities.
A builder and supporter of blockchain technologies that has
garnered huge investor attention in recent weeks is Riot
Blockchain, Inc. (RIOT), which formerly operated as
Bioptix, Inc. In October, Bioptix announced it was rebranding and
entering the digital currency space, with a focus on purchasing
cryptocurrency and blockchain businesses. In the days before this
announcement had even been officially made, the penny stock almost
doubled in value. While RIOT still operates its Bioptix business
segment, the company’s new focus is on becoming a premier
blockchain authority and supporter and on providing investment
exposure to the bitcoin and blockchain ecosystems.
Despite naysayers who make gloomy predictions of a bitcoin
bubble, the cryptocurrency continues its incredible climb and a
single bitcoin is now seven times more valuable than an ounce of
gold. For those seeking alternative routes to bitcoin investment,
the named companies may provide intriguing opportunities.
For more information on SinglePoint please
visit: Singlepoint,
Inc. (SING) or www.SinglePoint.com
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