Future Farm Launches a New Cannabis Cryptocurrency
SEATTLE, WA, Jan. 23, 2018 (GLOBE NEWSWIRE) — CFN Media Group (“CannabisFN”), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article covering how Future Farm Technologies Inc. (CSE:FFT) (CNSX:FFT) (FFT.CN) (OTCQB:FFRMF) recent investment in FlipCoin represents one of the most promising applications of cryptocurrency in the cannabis industry. FlipCoin solves many different problems in a way that’s easily accessible to both consumers and businesses.
Crypto for Cannabis
The cannabis industry is expected to generate upwards of $50 billion per year by 2026, according to Cowen & Co., which could exacerbate the industry’s banking issues. While some states have established cannabis credit unions, most commercial banks have long avoided the industry due to federal-level regulations. Attorney General Jeff Sessions’ rescinding of the Cole Memo further underscores the risks of banking the cannabis industry.
Cryptocurrencies have been around for several years, but they’re just starting to gain traction among businesses and consumers. Since they operate on a blockchain, they are not part of the federal central banking system and aren’t subject to the same regulations as commercial banks. The downside is that they are a lot more volatile than fiat currencies, like the U.S. dollar, and nobody was aware of them until their recent rise in popularity.
There are two ways that cryptocurrencies and blockchain technology could help the cannabis industry. First, cryptocurrency could become a viable payment method and way to store capital without putting cash in a vault. This could improve the security of many dispensaries and simplify the payment process for consumers. Second, blockchain technology can be used to keep careful record of transactions in a tamper-proof ledger for regulators.
FlipCoin’s New Model
There are several cryptocurrencies that have already targeted the cannabis industry, but creating a new ‘coin’ is a challenging process. In essence, you’re forced to create your own economy by generating both demand and supply sides of the market, which is a long-term process. The value of the ‘coin’ may also be very volatile in the early days, which makes it difficult for dispensaries to use in practice.
Future Farm Technologies recently announced the acquisition of 51% of FlipCoin, a new crypto application and point-of-sale platform for cannabis dispensaries. Rather than launching their own coin, FlipCoin is built atop CoinBase, a leading broker of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin more than 13 million active accounts. FlipCoin processes payments through this platform to accept cryptocurrencies and immediately convert them into cash.
The company plans to initially roll out the technology in its partner dispensaries, which could provide immediate traction ahead of a larger roll-out. By charging a transaction fee, the company would generate revenue from each sale while providing immediate settlement, unparalleled security, and other benefits for dispensaries. The technology is also ideal for international expansion where users would no longer worry about currency conversions.
Future Farm Technologies Inc. (CSE:FFT) (OTCQB:FFRMF) represents one of the most promising applications of cryptocurrency in the cannabis industry. By working with Coinbase, the company has instant access to more than 13 million active consumers. Its focus on immediately converting cryptocurrency into cash also reduces the risks associated with holding onto volatile cryptocurrency assets for businesses that rely on stability.
Please follow the link to read the full article: http://www.cannabisfn.com/future-farm-launches-new-cannabis-cryptocurrency/
For more information, visit the company’s website at www.futurefarmtech.com.
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