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Future Farm Signs Definitive Agreement to Acquire Blockchain Cryptocurrency Application for Cannabis Payment Platform
Future Farm Signs Definitive Agreement to Acquire Blockchain Cryptocurrency Application for Cannabis Payment Platform.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"\n\n Vancouver, British Columbia, Jan. 19, 2018 (GLOBE NEWSWIRE) -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce it has entered into a definitive agreement with New England CCS to acquire a 51% stake in FlipCoin, a new cryptocurrency application and Point of Sale (POS) platform – similar to Square – for cannabis dispensaries. The FlipCoin application, which has been in development for over six months, is expected to go live in the next three weeks and will allow dispensaries to be able to accept Bitcoin, Ethereum, Bitcoin Cash, or Litecoin as payment.  Along with Future Farm’s current portfolio of projects, New England CCS expects to install this application in nine of its portfolio of dispensaries in 2018, as well as white label the application for dispensaries globally.\n The FlipCoin application and platform will soon be integrated with Coinbase, the most-downloaded app in Apple's App Store with over 13 million accounts. Coinbase is the largest broker exchange of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and other digital assets with fiat currencies in 32 countries. Coinbase is expected to continue adding more than 100,000 new daily sign-ups for the foreseeable future. “Making the choice to integrate with Coinbase was easy because it gives us a potential userbase of 13 million people on day one,” comments Brett Fish, FlipCoin’s developer. “As Coinbase adds more digital currencies to its platform we will add them to our platform, whether that means Ripple, Dash, or Cardano. We envision a future in which buying cannabis with cryptocurrency is the norm.” Due to current federal law in the United States, dispensaries are locked out of even the most basic tools of doing business, such as opening a checking account and accepting credit cards.  Security risks also loom large, particularly theft and accounting fraud, which naturally come with handling and storing large amounts of cash. This is a huge problem for an industry, which is expected to hit $24 billion by 2025 (according to New Frontier Data, a cannabis market research and analytics firm). “Under current US Federal law, dispensaries are un-bankable,” comments Bill Gildea, CEO of Future Farm. “As the indust...