POSaBIT

POSaBIT is a Seattle financial services company Incorporated in 2015.[1] They created a point-of-sale arrangement for purchasers of legal cannabis in Washington based on conversion of US dollars from a customer's credit card swipe to Bitcoin.[2][3][4] Uncle Ike's Pot Shop began using the system in March, 2017 for cashfree retail transactions with a point-of-sale tablet resembling a Square, Inc. payment system,[5] and by June it was reported to be in use at 30 locations.[6] A Washington legislator introduced a bill to the state senate in January, 2017 that would make bitcoin illegal for such transactions.[7] The legislator cited the Cole Memorandum as placing the state's system in jeopardy if virtual currency were not banned, due to 2014 FinCEN financial transparency requirements.[8] In June 2017, POSaBIT raised $1.5 million in funding.[9]

References

  1. ↑ https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=328775357
  2. ↑ "Ganjapreneurs look to Bitcoin as big banks reject their money", The Cannabist, The Denver Post, June 19, 2017
  3. ↑ Jennifer Kaplan (June 13, 2017), Bitcoin is helping the U.S. pot business get over its banking problem, Bloomberg News – via The Globe and Mail (Toronto)
  4. ↑ Chris Moore (June 20, 2017), "Lack of Legal Banking Options Pushing Canna-Businesses Towards Bitcoin", Merry Jane
  5. ↑ Casey Jaywork (March 22, 2017), "A Pioneer Square Startup Is Using Bitcoin to Let People Buy Pot With a Credit Card", Seattle Weekly
  6. ↑ Marijuana Businesses Turning to Bitcoin to Dodge Banking Problems, Global Banking News, June 13, 2017 – via HighBeam (subscription required)
  7. ↑ John Stang (January 26, 2017), "Washington state legislators look to ban bitcoin in the pot business", GeekWire
  8. ↑ Hilary Bricken (February 16, 2017), "ICYMI In Washington State: The Hazy Future of BitCoin and Marijuana", Canna Law Blog, Harris Bricken Law Group
  9. ↑ "Pot-Friendly Bitcoin Startup Raises $1.5 Million - CoinDesk". CoinDesk. 2017-06-29. Retrieved 2017-10-09.
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