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Future Farm Launches a New Cannabis Cryptocurrency -- CFN Media
Future Farm Launches a New Cannabis Cryptocurrency -- CFN Media.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n SEATTLE, WA, Jan. 23, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (\"CannabisFN\"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article covering how Future Farm Technologies Inc. (CSE: FFT) (CNSX: FFT) (FFT.CN) (OTCQB: FFRMF) recent investment in FlipCoin represents one of the most promising applications of cryptocurrency in the cannabis industry. FlipCoin solves many different problems in a way that’s easily accessible to both consumers and businesses.\n Crypto for Cannabis The cannabis industry is expected to generate upwards of $50 billion per year by 2026, according to Cowen & Co., which could exacerbate the industry’s banking issues. While some states have established cannabis credit unions, most commercial banks have long avoided the industry due to federal-level regulations. Attorney General Jeff Sessions’ rescinding of the Cole Memo further underscores the risks of banking the cannabis industry. Cryptocurrencies have been around for several years, but they’re just starting to gain traction among businesses and consumers. Since they operate on a blockchain, they are not part of the federal central banking system and aren’t subject to the same regulations as commercial banks. The downside is that they are a lot more volatile than fiat currencies, like the U.S. dollar, and nobody was aware of them until their recent rise in popularity. There are two ways that cryptocurrencies and blockchain technology could help the cannabis industry. First, cryptocurrency could become a viable payment method and way to store capital without putting cash in a vault. This could improve the security of many dispensaries and simplify the payment process for consumers. Second, blockchain technology can be used to keep careful record of transactions in a tamper-proof ledger for regulators. FlipCoin’s New Model There are several cryptocurrencies that have already targeted the cannabis industry, but creating a new ‘coin’ is a challenging process. In essence, you’re forced to create your own economy by generating both demand and supply sides of the market, which is a long-term process. The value of the ‘coin’ may also be very volatile in the early days, which makes it difficult for dispensaries to use in pract...