BankLine has established cannabis-friendly banking services that allow Crypto ATM operators to confidently host Crypto ATMs in licensed cannabis dispensaries nationwide.
MIAMI, July 12, 2022 (GLOBE NEWSWIRE) — BankLine’s unique Crypto ATM banking services, in partnership with cannabis-friendly financial institutions, provide nationwide armored cash logistic services to Crypto ATM operators within licensed cannabis dispensaries – facilitating exciting new business opportunities.
States continue to legalize the adult use of cannabis, now available in over 7,000 state-regulated dispensaries across the United States, which presents a new opportunity for Crypto ATM expansion.
The United States currently hosts the highest number of Crypto ATMs of any country in the world, more than 30,000 and growing.
Solving Bank Reluctance
Until now, U.S. financial institutions have been reluctant to accept cash deposits from Crypto ATMs placed within licensed cannabis dispensaries. Working with BankLine, Crypto and cannabis-friendly banks have the confidence that their clients will maintain the highest compliance standards, allowing expansion nationwide.
Compliance measures for customer due diligence, monitoring, and reporting are currently required for both Cryptocurrencies and legal cannabis by State and Federal regulators.
The Confluence of Cannabis & Cryptocurrency
President and CEO of BankLine, Mark Ochab, states; “After 21 years serving in local and federal law enforcement, specializing in the financial services and banking sectors, I see the confluence of cannabis and Cryptocurrency as a positive step forward.
“Cryptocurrency transactions are permanently recorded on the blockchain, providing an immutable and traceable record of transactions.
“BankLine’s team has the knowledge and experience to help our clients stay compliant.”
BankLine is the only Crypto-friendly banking solution that offers a portfolio of redundant financial institutions willing to serve the varied needs of the Crypto industry. BankLine’s network of Crypto-friendly banks and services helps mitigate the threat of bank discontinuance and provides ongoing, sustainable, and scalable banking and support services.
Each BankLine client has a direct relationship at one or more of four FDIC-insured depository institutions. The accounts are titled in the business entity’s name and are exclusive for the entity’s activity.
BankLine’s partner financial institutions provide over-the-counter accounts in addition to contracting with more than 300 Loomis, Brinks, and Garda cash vault facilities, servicing over 29,000 Crypto ATM locations across the USA and its territories.
BankLine is now expanding Crypto-friendly banking and armored cash logistics services to the EU, UK, as well as Central and South America.
BankLine’s core focus is delivering innovative banking and software solutions as well as lucrative hosting opportunities specifically designed for the Crypto ATM industry.
Find out more at BankLine.com.
BankLine program gives Bitcoin ATM operators the ability to expand into cannabis dispensaries
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