NetworkNewsWire Editorial Coverage: Bitcoin is rapidly being adopted and accepted as a valid form of payment, with major retailers like Overstock.com, Microsoft and Subway (1) among several U.S. companies that now accept digital currency – or cryptocurrency – as a form of payment. Japan adopted bitcoin as an official currency in April 2017, which has been a major step forward for this cryptocurrency on a global scale. Savvy companies are rushing to profit from the growing acceptance of bitcoin, whether by aiding further accessibility or by applying digital currency as a payment solution for high-risk industries that are considered “unbankable.” Standouts in the bitcoin rush include ChineseInvestors.com, Inc. (CIIX Profile), SinglePoint, Inc. (SING), Bitcoin Investment Trust (GBTC), BTCS, Inc. (BTCS) and Bitcoin Services, Inc. (BTSC).
One of the major attractions of bitcoin is that it facilitates the transfer of funds independent of banks and, therefore, cannot be regulated by governments. This is a major boon for industries like the rapidly growing legalized marijuana market, which is currently hobbled by federal restrictions in the U.S. that deprive it of FDIC approval and cooperation from banks. The majority of U.S. cannabis businesses have been forced to conduct cash transactions, which has been a serious hindrance, but the advent of bitcoin payment solutions could change everything.
One company making a bold foray into bitcoin as a solution for cannabis enterprises is ChineseInvestors.com (CIIX). A leading financial information website for Chinese-speaking investors, CIIX recently announced (http://nnw.fm/w3pbB) that Chinesehempoil.com Inc., its wholly-owned subsidiary, will now accept bitcoin payments. This will allow purchasers of hemp-based health products, foods and beverages, to use bitcoin alongside other, more common methods of online payment such as credit cards and PayPal.
CIIX is focused on becoming the leading publicly traded Chinese medical marijuana company. As part of this mission, the company is engaged in investing in the distribution and R&D of cannabidiol-based (CBD) medicines and health products to Chinese-speaking consumers across the globe. While marijuana use is currently illegal in China, cannabis-based oils are legal, which gives CIIX access to a market of nearly 2 billion customers in China. The company is also expanding its business presence to other countries and recently incorporated CBD Biotechnology, Inc. in British Columbia, Canada, to focus on R&D and distribution of health products, including hemp-based CBD, food and beverage items, in that country.
Other recent milestones include the launch of www.ChineseCBDoil.com in the free-trade zone of Shanghai. The first CBD health products online store to launch in the Chinese language, ChineseCBDoil.com went live on January 31, 2017. Concurrent with the website’s launch, CIIX debuted a Yelp-style social media app – the first Chinese language app of its kind – which features a database of cannabis dispensaries and marijuana strains. The app features a platform for reviewing and discussing cannabis products, maps showing the locations of marijuana dispensaries, and summary reports of marijuana business in Los Angeles and other major cities. The app has received approval from the Apple store.
Another company endeavoring to offer bitcoin as a payment solution for the cannabis industry is SinglePoint (SING). SinglePoint recently joined forces with First Bitcoin Capital Corp. (BITCF) to develop a proprietary bitcoin payment solution that can be downloaded directly to any point-of-sale machine, enabling marijuana dispensaries and other cannabis businesses to accept debit and credit card payments. SinglePoint believes it has found a means of applying bitcoin technology in a way that will make the credit/debit card payment experience seamless for customers at cannabis dispensaries. SinglePoint has already successfully completed technology integrations with companies like Twilio, RedFynn and IATS, as well as with major carriers like Verizon, AT&T, T-Mobile and Sprint, and intends to utilize these integrations in developing its bitcoin payments technology.
Other publicly traded companies tuned into the pioneering opportunities associated with bitcoin technology are fueling its widespread adoption. Digital currency play Bitcoin Investment Trust (GBTC) was recently named to OTC Markets Group’s “OTCQX Best 50” for 2017. GBTC is a U.S.-based, open-ended grantor trust sponsored by Grayscale Investments that is exclusively invested in bitcoin. The company’s shares are the very first publicly quoted securities solely invested in and deriving value from the price of bitcoin, enabling investors to gain exposure to bitcoin’s price movement through a traditional investment vehicle and avoid the challenges of buying, storing and safekeeping bitcoins.
BTCS (BTCS) is an early mover in the blockchain and digital currency ecosystems and has been recognized as the United States’ first “pure play” public company to focus on blockchain technologies, which are the technologies that underpin bitcoin digital currency.
Bitcoin Services (BTSC) is another company helping to further the common acceptance of bitcoin currency. BTSC offers a bitcoin escrow service, which acts as a neutral third party between buyers and sellers in online transactions, holding the buyer’s bitcoins until both parties are satisfied with the transaction. Additionally, BTCS offers bitcoin mining services and blockchain software development.
As bitcoin gains ground as a valid and accepted form of currency, benefitting from high demand for convenient digital payment capabilities, savvy investors will do well to take note and look to enterprises like the named companies, which are at the forefront of this burgeoning digital currency.
NetworkNewsWire (NNW) is an information service that provides to users (1) access to our news aggregation and syndication servers, (2) enhanced press release services, and (3) a full array of social communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by NNW are solely those of NNW. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW for any investment decisions by their readers or subscribers. NNW are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment.
NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW undertake no obligation to update such statements.