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A Dutch Blockchain Startup is Launching a Revolutionary Cannabis Platform

Zoltán Tűndik

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Reading Time: 3 minutes

Leading global cannabis brands are ready to go cashless and take advantage of all the opportunities offered by the BitCanna blockchain platform

With the current exponential growth of both the global cannabis industry and blockchain technology, there is a potential partnership that stands to benefit both. Within the cannabis industry, there is a growing demand for payment solutions, track & traceability of crops, and trust mechanisms. BitCanna is combining the best of all worlds, addressing each of these problems through the launch of its blockchain platform and associated cryptocurrency. Over the past year, a team of 20 dedicated specialists has worked in close collaboration with the cannabis industry on the development of the platform and its global expansion. A large and growing number of leading international brands have already confirmed their partnership, and on the first of November their ICO will open for interested investors.

Most banks and financial service providers still refuse to process cannabis transactions due to the large degree of regulatory uncertainty in the industry. Leading experts and entrepreneurs from both the financial and cannabis industries view this as a huge opportunity to build a global digital payment solution for cannabis retailers that can circumvent traditional financial institutions.

“Keeping up with constantly changing cannabis laws is very difficult. So banks, credit card companies, and online payment providers either refuse to get involved in cannabis, or they charge excessively high transaction fees,” according to Jan Scheele, CEO of BitCanna. “That puts companies who are selling cannabis products legally in a tricky situation — they have to figure out how to take their businesses cashless and sell online without breaking any laws. That’s where BitCanna will help.”

BitCanna is a global blockchain technology company that helps cannabis companies to go cashless securely, legally, and cost-effectively. The company claims to be able to process transactions using its BitCanna token almost instantaneously and for a fee of just a few cents. It will also let vendors manage their supply chains and record all customer identification data. It is an incremental technological breakthrough for the entire global industry.

“It doesn’t matter if it’s a $10 or $100 transaction. Our customers will pay a small flat fee,” says Scheele. “We’re introducing a payment system that will make it cost-effective and safe for all cannabis companies to accept digital payments — whether they’re selling online or in-store.”

It’s not just online retailers who can benefit from blockchain technology. Some brick and mortar cannabis retailers spend as much as 10-15% of their revenues on security and staff to upkeep a cash-only business. Providing these companies with payment processing technology can help them reduce security risks while complying with regulations.

Many industry experts believe that despite the growth we’ve seen over the past few years, the cannabis market is only just beginning to take shape. In the United States alone, the cannabis market is forecast to double from $22B in 2017 to $44B in 2020. And the global market is expected to reach $140B by 2027, according to European investment bank Bryan, Garnier & Co.

BitCanna is well-placed to benefit from this growing industry. The company will have direct integration with some of the largest online cannabis shops when it launches in Q3 2019. It will run pilots at brick and mortar locations in the cannabis capitals Amsterdam and Barcelona. BitCanna alone has already partnered with dozens of cannabis companies to create the BitCanna Alliance. Alliance members are active in 27 countries and attract a combined 10 million unique website visitors a month so far.

The company has ambitious plans to become the global digital payment solution for the cannabis industry. It will launch in Europe first and then quickly expand to the rest of the world.

Co-founder, Editor - After accumulating enough experience by launching and building a successful media and events organizer company in the gaming industry, the opportunity to also move into more verticals just came naturally. I have hunger for knowledge and like to report on technology and news that are not picked up by main stream media channels because they don't produce enough emotions. Make sure you subscribe to read our hand picked news which you will only find on PICANTE!

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Banking/Financial Services

OKEx Launches Thai Baht (THB) and British Pound (GBP) OTC Trading

Vlad Poptamas

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OKEx Launches Thai Baht (THB) and British Pound (GBP) OTC Trading - Source: OKEx
Reading Time: 2 minutes

 

OKEx, the Malta-based world-leading digital asset exchange, announced to launch two new currencies – Thai Baht (THB) and British Pound (GBP) on its over-the-counter (OTC) trading platform (also referred to as fiat-to-cryptocurrency platform). Users in Thailand and the United Kingdom can now complete KYC verification to be eligible to trade on the OTC trading platform.

OKEx OTC trading allows users to place orders with self-selected exchange rate and payment methods to buy or sell Virtual Financial Assets with fiat currencies, which benefits them by offering a low-volatility market and zero transaction fee. Instead of the listing of the new currencies, Thai Baht (THB) and British Pound (GBP), OKEx OTC trading platform has already been facilitating global digital assets trading with the Vietnamese Dong (VND) and Chinese Renminbi (CNY) fiat-to-cryptocurrency markets, and more currencies are expected to come in at a later time this year. The Thai Baht (THB) and British Pound (GBP) OTC trading markets currently support BTC, USDT, ETH, and LTC.

“Our mission is simple at OKEx. We aim to offer flexibility and convenience to our traders. Thailand and the UK own the fastest growing crypto communities in the world. We see great potential in these two markets and want to support the needs there. Because of the increasing trading volume and number of traders in these two countries, we decided to launch the new THB and GBP trading services on our OTC trading platform. Wherever the market potential locates, we will expand to there. In 2019, you can expect more currencies will be supported on OKEx,” said Andy Cheung, OKEx’s Head of Operations.

OKEx OTC Network Launch Events and Promotions

To celebrate the launch, OKEx has come up with new incentives to encourage new sign-up for merchants and customers in Thailand and the UK. From January 23 to 27, newly registered customers can earn up to 50 USDT for making a minimum deposit of 100 USDT (or equivalent) and complete their first OTC transaction on OKEx, while the top 70 merchants with the most transaction volume will be rewarded 30 USDT (1 time per day).

In addition, the OKEx OTC Network Launch events will be hosted in Bangkok, Thailand on February 13, 2019 and London, UK in March respectively.

For more details, please refer to OKEx Twitter.

Risk Warning: Trading digital assets involves significant risk and can result in the loss of invested capital. Users should ensure that they fully understand the risk involved and take into consideration their level of experience, investment objectives and seek independent financial advice if necessary.

 

 

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Agriculture

Disruptive Ag Tech Company Hires New CTO

Vlad Poptamas

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Austin Adams, HerdX Inc. CTO
Reading Time: 2 minutes

 

HerdX Inc. new Chief Technology Officer, Austin Adams comes to the Texas Hill Country from the California Coast.

HerdX is pleased to announce that Austin Adams made the move to Boerne, Texas from the San Francisco Bay Area to become HerdX’s Chief Technology Officer.

Adams is well qualified to accelerate the HerdX agricultural technology solution into the global market, holding over a decade of experience in leading innovative software teams. At his previous employer Adams took multiple greenfield projects from initial scoping, to research and development, to proof of concept, and ultimately to market leading products. Adams is an early adopter, leader, and contributor to the Kubernetes open source platform. He has used Kubernetes to create automation systems to help drive over a billion dollars of product sales.

Adams will be leading the HerdX technology team in implementing the HerdX solution by partnering with restaurant chains and established grocers in the coming year. Adams states, “I am most excited about bringing together blockchain and high security IoT to provide provenance mapping for the consumer. I am coming back to my roots working in the ag tech industry and am grateful to help lead this innovative team.” Adams is already adding product innovations that will expand the company’s offerings into more global markets. His skill set is also helping accelerate the implementation and commercialization of HerdX’s blockchain system.

“I was looking for a top tier technology officer that could help our company’s product offering grow rapidly in the U.S. and scale us faster overseas,” says Ron Hicks, President and CEO of HerdX. With food traceability and tracking as a high priority for HerdX, Ron sees Austin as the ideal next step in the company’s growth coming in at just the right time.

HerdX Inc. is an early stage agricultural technology company that develops products for farmers designed to reduce operational costs, improve animal health and well-being, and enable the delivery of traceable meat products to consumers. HerdX provides blockchain secure transparency for the consumer by connecting them back to the farmer through QR codes on packaging for grocers and menus for restaurants.

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Blockchain

Luxochain Combats Counterfeiting With Launch of Authentication and Tracking Service of Luxury Goods on the Blockchain

Vlad Poptamas

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Photo source: bwdisrupt.businessworld.in
Reading Time: 2 minutes

 

Luxochain has announced the launch of a blockchain-based service combining Near Field Communication (NFC), Radio Frequency Identification (RFID), and the new Fingerprint Authentication (FPA). Its certified system Block ID, based on blockchain technology, uses a unique token attached to every single product on the market, to combat the $1.2 trillioncounterfeit luxury goods marketplace.

With the Luxochain system, available in APP, any buyer, before a purchase, both in-store and online, can check the authenticity of each product, verifying the information on the blockchain attached with each product. In case of theft or loss it will be able to block the asset, so as to facilitate the recovery of the object and return it to its rightful owner, fighting the counterfeiting market.

Already in advanced talks with leading luxury brands Luxochain offers a valuable service to consumers, protecting their purchases, and works side by side with brands providing an incomparable mechanism of transparency, contact, loyalty and i-couponing towards their customers.

At the stage of manufacture, all authentic luxury products will be fitted with an invisible and encrypted serial number (a Block ID). The ID is associated with a token that is uniquely identifiable, to which luxury brands will register on the blockchain. Once inputted, the information can never be altered from the outside.

Certifying authenticity at the point of sale using blockchain technology, customers can scan the code and ascertain the authenticity of the product. Their product’s unique certificate reveals information including the make, model, origin and history across the supply chain. Merchants can use the blockchain to transfer ownership rights from themselves to new owners, which rapidly increases the chances of recovery in the event of theft. It will be possible to block or ‘bin’ a product in case of its being stolen, to ensure it doesn’t fall into the hands of illegitimate vendors. Products can be authenticated easily just by using the Luxochain mobile app.

Luxochain eliminates the security risk that arises from carrying large amounts of money. Lovers of luxury products can simply register on the platform and purchase brands there. The existence of the blockchain also eliminates the need for third parties and streamlines the relationship between merchants and buyers, something that can also be done in the second-hand market.

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