Crypto cannabis brands PotCoin and Tokes reveal collaboration
Expanding PotCoins technology ecosystem will be achieved with the help of Tokes. The exploratory strategic partnership will maintain a focus on the marijuana sector. The Memorandum of Understanding signed with PotCoin, and one of Multichain Ventures subsidiary brand Tokes positions PotCoin to become a key player in the cannabis industry.
Cannabis merchants would be supplied with top of the line, point-of-sale processing software, mobile applications, e-commerce storefronts, and supply chain visibility tools. The securing of payment solutions is problematic due to cannabis being a Schedule 1 illegal substance at the federal level. However, on December 6th, we saw the US House of Representatives vote for the federal decriminalization of marijuana.
This move is coming just in the nick of time, as Americans are sick of the war on drugs, and they have long called for the US to legalize marijuana federally.
Who are the players?
Could PotCoin and Tokes platform be walking the legal green road in the US in the near future?
Multichain Ventures - This technology developer and financial services integrator is focused on the economic infrastructure that facilitates the use of crypto-based commerce. The company's proprietary elements include compliance, custody, KY/AML payments inclusive of trade processing, and price conversion.
Tokes - The blockchain-focused technology company, Tokes, is a subsidiary of
Multichain Ventures. The company builds software solutions for sales merchants to help them to adapt to cryptocurrency within the legal marijuana business, and that may solve the cash-only problem. Tokes launched the platform specifically to address these concerns.
Tokes also offers custody solutions that enable merchants to accept tokenized payments for many assets. Users can then trade the tokens into alternative digital assets, which subsequently initiate ACH transfers and wire transfers through a custody agent to a third party.
PotCoin - Canadian Joel Yaffe established PotCoin in 2014. Under an MIT license, PotCoin, an open-source project, created a team of developers who saw the challenges facing the budding cannabis industry. The company’s core mission has always been to develop the essential needed tools to create value for the cannabis community. They designed tools were to educate operators on the use of blockchain, build trust and create transparency through a set of guidelines of integrity, all within the cannabis environment.
PotCoin plans to bridge the gap between blockchain and marijuana sectors, using its partnership and community-based philosophy. The unconventional approach of PotCoin has gained mainstream attention, but this company has an extensive background in cryptocurrency and cannabis. PotCoin is the first industry-specific cryptocurrency that was developed to empower the legalized cannabis industry.
These two entities' collaboration combines the resources including technology development expertise, long-standing brand equity, industry relationships, and marketing strategies. The joining produces a competitive advantage within the marijuana space. The PotCoin community and Tokes platform technology are striving to provide the cannabis industry with a banking system built around blockchain tech and its native PotCoin cryptocurrency.
The PotCoin and Tokes platform collaboration is a welcomed union as far as the average cannabis businessperson is concerned. No longer will the cannabis merchant be forced to deal entirely with cash transactions. Now, a significant completive advantage can be gained within the cannabis vertical by combining technology, brand equity, and engagement with legislators.