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VegaWallet, the comprehensive cryptocurrency wallet and merchant solution that recently integrated Dash via BitGo, will now be partnering with CoVault crypto ATMs to provide additional fiat on-ramps, as well as launch a new PoS solution specifically geared towards cannabis companies.
The cannabis sector within the United States suffers from a regulatory grey zone since many states have legalized some form of cannabis use, but it still remains illegal at the US federal government level. Since many banks are either chartered through the federal government or utilize the FDIC, they are weary of offering basic banking services to cannabis companies because of the potential federal legal ramifications. Thus, most cannabis companies are left having to do business in all cash, which is dangerous and expensive. However, cryptocurrency offers a solution.
“The ability to handle sales, business metrics, employee payroll and even track inventory through blockchain based integrations make VegaWallet’s software an asset to future proof any growing business. VegaWallet will be releasing their complete cryptocurrency enabled point of sale in Q3 of this year. It will be free to download and additional hardware and software options will be available through support.”
For this process to work efficiently, dispensary customers have to be able to easily acquire cryptocurrency, which is where crypto ATMs come into play.
“VegaWallet point of sale will have the ability to place a Covault machine near their cash wrap in order to give the customer another fiat onramp into the world of cryptocurrency. Many wallets, including VegaWallet, now have built in fiat onboarding ramps via customer bank card however the need has never been greater for “cash-to-crypto” services.”
As the press release continued to outline, “[b]usinesses and dispensaries running this service will save an exponential amount of money per year avoiding cash handling fees and merchant processing fees”.
VegaWallet partnering with Dash to utilize some of the first Evolution integrations
Both consumers and merchants are ideally looking to make their transactions as quickly as possible while also saving money and still getting what they want. Thus, it makes sense to use Dash to be able to quickly convert cash into Dash, in-store at the CoVault ATM, and then quickly turn around and spend that Dash at the VegaWallet PoS device, all while having each transaction being fully recognized as valid. Dash’s latest upgrade with automatic InstantSend makes this quick and inexpensive secure transaction possible. VegaWallet CEO, Tarek Hajri, explains the benefits of this feature.
“We are excited to work with Covault on increasing the presence of cryptocurrency remittance for businesses that need it the most. We feel the partnership will open new avenues for greater transaction liquidity. Payments with Dash and other supported assets are the future of business.”
VegaWallet has recognized the potential of Dash since they have been the first to publicly announce they will be working with Dash Core Group to integrate the attributes of Dash Evolution into their platform. VegaWallet was also the first platform to utilize Dash’s Bitgo integration.
The CEO of Dash's Core Group,@RTaylor05, with our founders @MrBallou & Tarek Hajri at #Consensus2019. @VegaWallet & @Dashpay are working together on $crypto payment applications and integrations for $DASH's upcoming #Evolution #Blockchain upgrade. @DashpayNews #DASH #CryptoNews pic.twitter.com/BPd8xw2C4k— VegaWallet (@VegaWallet) May 17, 2019
Dash positioned to increase adoption with the cannabis industry focus
Dash is positioned well to leverage its attributes with cannabis’ rising popularity in the United States to help increase overall Dash adoption. Dash has funded and become the exclusive cryptocurrency for Alt Thirty Six, another cannabis merchant solution, which recently got $10 million USD in a new funding round. Alt Thirty Six already has a functioning B2B marketplace that processes six-figure weekly volumes and is currently working on its B2C interface. Then research firm Medicinal Genomics is using Dash to protect everyday cannabis growers from big pharma corporations attempting to patent cannabis plant genomes. As Dash continues to grow and build out its platform, its use cases for businesses will become even more clear.