POSaBIT Raises Seed Funding to Provide Digital Currency Payments
Seattle, WA (PRWEB) July 06, 2017
POSaBIT Inc., a Seattle headquartered fintech company, that provides digital currency payment solutions for industries that lack access to traditional banking and financial services, announced today that it has raised $1.5 million in funding from the Seattle community of angel investors, and New York based Digital Currency Group.
The founders, Jon Baugher and Ryan Hamlin, realized early on that there is no industry – whether it’s the sale of cannabis, or the sale of a cup of coffee – that can operate safely, transparently, and effectively without access to banking and other financial services. POSaBIT’s digital currency payment solution brings stronger compliance, transparency, and greater safety to industries like state legalized cannabis retailers, that are hampered by having to operate as “cash only” businesses. By encrypting transactional information in the blockchain, POSaBIT is able to establish a strong audit trail, detect money laundering behavior, and check for OFAC violations, in order to support the needs of regulatory and law enforcement institutions in highly regulated industries like cannabis.
Already, over 25 stores in the state of Washington have used the POSaBIT platform to provide secure and efficient payment solutions to their customers, and those stores have already processed more than $2million in sales via digital currency. In addition, stores that have implemented the POSaBIT payment solution have reported a noteable increase in average spend by consumers paying via bitcoin instead of cash.
Digital Currency Group is the largest and most established bitcoin and blockchain investor, and is excited to bring POSaBIT into its network of over 100 companies, many of whom are interacting directly with digital currencies and blockchain technologies and serving millions of retail and business customers. Founder and CEO Barry Silbert noted “We see the use of digital currencies as a payment rail growing in industries which have had challenges accessing traditional banking services in the past, and are excited to bring POSaBIT into our global network of companies to help them grow their product and offering across a number of industry verticals.”
“We are delighted to have the strategic investment support of DCG, and to be a part of their global investment portfolio of leading bitcoin and blockchain companies”, said Jon Baugher and Ryan Hamlin, the founders of POSaBIT. “Securing the backing of DCG will allow us to execute and innovate faster, in order to support the needs of our customers and partners.”
About Digital Currency Group:
Digital Currency Group (DCG) is a company that builds, buys, and supports bitcoin and blockchain companies leveraging its network, insights, and access to capital. The DCG network includes over 100 companies across 27 countries, as well as subsidiaries DCG Connect (http://dcgconnect.co) , CoinDesk (http://www.coindesk.com/) , Grayscale (https://grayscale.co/) , and Genesis Trading (https://genesistrading.com/) . Learn more at dcg.co (http://dcg.co/) or follow us on twitter @DCGCo (https://twitter.com/dcgco)
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