Mobile technology provider SinglePoint has agreed to purchase 100% of Bitcoin Beyond, a platform that allows retail merchants to accept bitcoin payments using their existing point-of-sale device.
The all stock acquisition is priced at $1m. SinglePoint expects the deal to provide it with a full end-to-end purchasing capabilities.
Bitcoin Beyond mainly services the payment processing needs of the cannabis industry. It incorporates a widely used technology stack, security best practices and encrypted merchant data.
The platform has been designed to integrate with existing frameworks to support bitcoin payment. Eventually, it also plans to support other cryptocurrencies such as Weed Coin.
Commenting on the deal, SinglePoint president Wil Ralston said: “Acquiring Bitcoin Beyond put us ahead of what we believe merchants have access to now. This platform has by far the easiest user interface we have seen in the market, and we are confident merchants will be quick to adopt this solution as it stands as the sole alternative to traditional options offered to the cannabis industry.”
SinglePoint also revealed that it intends to make more acquisitions in the blockchain space and is currently in talks with an unnamed blockchain centric company.