Virtual Crypto, a startup that provides Blockchain-based payment solutions, has recently made an announcement about introducing a cannabis-oriented point-of-sale (POS) system during the Cannabis World Congress, which will take place this October in Boston. This technology may substantially increase crypto adoption among cannabis retailers.
Urvashi VermaDiversifying payment options
The company’s CEO Alon Dayan claims that they are determined to perform the role of a facilitator for dispensary shops that want to easily integrate cryptocurrency payments. He is also certain that demonstrating this technology at such a highly anticipated event is “a big step” for the company.
The introduction of this POS solution is indeed a huge deal since, as Dayan points out, more than 90 percent of all transactions in the fledgling cannabis industry are conducted exclusively in cash (due to legal hurdles many discrepancies cannot accept credit card payments). Virtual Crypto aims at creating a network of cannabis-focused businesses that give their users an opportunity to pay with crypto.
How does it work?
In order to buy cannabis, users only have to scan a QR code on the screen of a POS machine with their mobile crypto wallet. The transaction will be completed in a matter of seconds. Notably, the system’s algorithm will make sure that the users make a purchase at the best price by scanning numerous exchanges.
Crypto and cannabis
Crypto and cannabis represent two very similar industries that are slowly coming out of a legal grey zone, but still struggle to win regulatory approval. During a recent CNBC’s Fast Money episode, the cannabis king Tim Seymour also said that both of them are to suffer from market manipulations. However, there are also differences– cryptocurrencies, unlike cannabis, are not commodities.
Earlier, U.Today reported about High Times, the leading crypto-oriented cannabis magazine, being on track to become the first company to accept digital assets during its IPO, but later High Times backpedaled on its initial plans.
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