Breaking #CryptoCurrency News: SinglePoint (OTC: $SING) Completes $1 Million in Funding to Continue its #BitCoin Cannabis Payment Solutions Development
SEATTLE, WA - June 20, 2017 (Investorideas.com Newswire) SinglePoint, Inc. (OTC:SING), successfully closed $1 Million company friendly Convertible Promissory Note. Proceeds from the investment will be used to execute on the companies announced BitCoin Payments solution. The company recently partnered with First BitCoin Capital (OTC: BITCF) to develop a crypto currency solution. With the new round of funding SinglePoint management believes the company will be able to move very quickly to complete the solution and continue acquisitions in cannabis space.
SinglePoint currently offers many integrated business solutions and will be adding BitCoin Payments to help solve the banking issue in the cannabis industry and other high risk markets. The investment will enable the company to execute quickly on its planned development strategy while continuing to make additional acquisitions. The Company has already acquired companies in the cannabis vertical and is currently in discussions with others for a potential roll up.
For many years SinglePoint has worked on finding solutions for the cannabis industry. With this new partnership and development SinglePoint no longer needs to wait on federal banking guidelines. Cannabis and other high risk markets will be able to utilize this BitCoin solution to accept payments in many different forms. The value of BitCoin according to CoinBase has increased 236% in the past year. This increase along with Japan recognizing BitCoin as a legal currency has led to wide spread adoption of the technology. As quoted in Bloomberg, "It's not foreign to them now, like some sort of weird scam that they don't know about," he (Greg Lambrecht) said. "More and more establishments are accepting it, but it's kind of like the wild, wild west."
The company has been in talks with First BitCoin Capital and has planned four developments based on BitCoin, Ethereum and the technology of block chain. SinglePoint recently acquired the rights and domain name of SingleCoin.com in a planned potential Initial Coin Offering (ICO) that would support transactions on the block chain specifically for cannabis and other high risk industries.
SinglePoint Inc. Delivers
- BitCoin Currency Solution for Cannabis Banking Problems
- Highly Innovative Block Chain Supply Chain Management Solution
- Initial Coin Offerings (ICO) through First BitCoin Capitals Recent Launch
- Revenue Growth through Additional Acquisitions
- Extensive Network of Financial Partners and Technology Partners to Quickly Execute the Deliverables
Greg Lambrecht CEO of SinglePoint states, "This is great timing for SinglePoint, we have many acquisitions deals in the pipeline and access to this capital will exponentially increase the chances of getting these done. In addition, we have many technical developments that are ready launch. We will be able to develop our solutions and really start driving sales."
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Disclosure: SinglePoint, Inc. (OTC: $SING) is featured on the 420 Cannabis Investor Ideas of 2017 at www.420cannabisinvestorideas.com
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