Blockchain Startups Want to Solve Cannabis' Banking Problem - NEWS | MERRY JANE
As IBM, JP Morgan, Intel and Bank of America experiment with Bitcoin-inspired finance, blockchain startups do the same for weed.
Bitcoin's already fueled the dark web, where drugs and illicit goods are the norm. But, the blockchain technology on which Bitcoin is based, say many enthusiasts, could bring needed transparency to cannabis payments.
Industry insiders estimate approximately 15% of cannabis businesses have a bank account with a traditional financial institution, while most others operate with the risk of running an all cash business. Entrepreneur’s in distributed finance contend there’s another option.
“The blockchain’s ledger is a great communication tool for regulators,” Tokken founder, and former regulator, Lamine Zarrad told MERRY JANE. “If we can transfer the cash flow to an electronic format, you eliminate most the risk of money laundering.”
Tokken, a “blockchain agnostic” startup whose executives have decades of experience working in government, uses cutting edge technologies to usher in an era of distributed and digital payments in the cannabis industry.
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