Singlepoint Inc (OTCMKTS:SING) reported its purchase of $Weed which marks as one of the latest fiat currencies floated in the buzzing Cryptocurrency markets. This purchase is made from crypto industry pioneer, First Bitcoin Capital. After several months of collaboration, the two firms have decided this plan is the initial point for a much bigger role in the cryptocurrency markets.

The details

Weed “Coin” comes in the list of crypto currencies intended toward solving the payment issues seen in the cannabis industry. The coin lately had its ICO release leading in an impressive but illiquid market capitalization of around $60 million. Currently, WeedCoin is listed on three exchanges. First Bitcoin and Singlepoint intend to list and commercialize the coin on numerous exchanges soon.

More listings and marketing measures could generate increased interest levels seen in such scenario as PotCoin as part of an association to move towards a colossal consumer first approach. This approach overcomes the conventional concerns of making a payment at dispensaries utilizing cryptocurrencies.

There is a major obstacle in doing a payment at cannabis retail outlets utilizing cryptocurrency and that is the customers don’t have a wallet set up. As a result, it become an extremely time consuming and slow process.

First Bitcoin ad Singlepoint Capital intend to invest heavily in getting the customers to sign up first, ensuring they possesses the ability to go and buy from a dispensary, effortlessly. The consumer approach allows the firms build in numerous programs such as special offers, loyalty, and the capacity to track the types of products consumers are purchasing which leads to a big database of the popular offerings, the average price and other insights to the cannabis market.

Both the firms consider that with the proper execution, consumers should witness a similar experience to utilizing Starbucks’ mobile payment system.

In the last trading session, the stock price of Singlepoint declined more than 5% to close the day at $0.0340.