Israeli firm Virtual Crypto Technologies has announced that it will unveil its cannabis-centric crypto payment platform at next month’s Cannabis World Congress & Exposition.
The software will allow dispensary owners to accept payments in cryptocurrencies like Bitcoin thanks to algorithmic technology. It was slated for release in December, but the company is ahead of schedule; it will have the platform ready for the trade fair in Boston on October 17-20.
The team will be out in full force, providing demonstrations for any dispensary owners who want to capitalize on the growing use of cryptocurrencies.
Bitcoin is currently treading water at around the $6,500 mark, but investors hope to see it climb back up to the heights seen towards the end of 2017 as big companies like Starbucks and Microsoft continue to give it their backing.
Cryptocurrency use is growing among consumers across the globe, and Rosh HaAyin-based firm Virtual Crypto believes there will be a huge demand for cryptocurrency payments among marijuana consumers.
The company’s mission is to provide shoppers and businesses with access to cryptocurrency financial services that are instant, secure, and easy to use. It develops payment platforms for ATMs, PCs, tablets, and mobile devices, using proprietary algorithmic technology, and it has extended that for the cannabis industry.
A consumer can scan a QR code at a dispensary and the balance will be immediately transferred to the retailer. Virtual Crypto promised it would offer “the best exchange rate at the lowest commission offered on the market”.
Chief executive Alon Dayan said: “We are excited to debut our new cutting-edge cannabis point-of-sale payment solution at the Cannabis World Congress this October.
We are committed to providing a solution that will seamlessly facilitate transactions with local dispensary shops and consumers where marijuana dispensaries are legal. Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system. Virtual Crypto has been validated in the market and is a proven technology. Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”
Dayon claims that dispensaries have become a target for thieves because cash is the payment of choice among consumers. That correlates with reports from across the US and Canada of organized gangs targeting dispensaries.
Dayon hopes his firm’s new technology will help provide a safer working environment for dispensary employees. He believes it can help the cannabis industry cut down cash payments to around 30%, which is broadly in line with other retail categories.