Singlepoint Inc (OTCMKTS:SING) Drops

Singlepoint Inc (OTCMKTS:SING)

Singlepoint Inc (OTCMKTS:SING) stock lost 17.5% today to close at $0.0693 on a volume figure in excess of 46 million. The loss was surprising given the announcement of a publication’s editorial featuring SinglePoint, Inc. (OTCMKTS:SING). The Network News Wire (NNW) publication focused on Singlepoint’s strengthening position in the legal cannabis industry through the acquisition of, or investment in, small to mid-sized cannabis companies. The publication is titled, “Record Bitcoin Gains Indicate High Times Ahead for Cannabis Cryptocurrency,”. The editorial’s content discusses the potential of cryptocurrencies, such as Bitcoin or Ethereum, to serve as a solution for the cannabis sector’s inability to access the traditional banking system.

Singlepoint Inc (OTCMKTS:SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, Singlepoint Inc (OTCMKTS:SING) is building its portfolio by acquiring interests in undervalued subsidiaries, thereby diversifying its potential revenue base. Through its subsidiary company, SingleSeed, the company is providing products and services to the cannabis industry.

While addressing Singlepoint’s cryptocurrency entry, the editorial stated “”SinglePoint’s bitcoin application will be KYC-AML compliant. Customers will be able to sign up for an account online prior to visiting a merchant, or they can do it in seconds right at the point of sale. Similar solutions have been deployed internationally, but SinglePoint is in an early-mover position to bring such technology to the United States. Though still a few months from its beta launch for the solution, SinglePoint is already amassing potential customers through its website.”

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SING and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Singlepoint Inc (OTCMKTS:SING) Did What?!

Why Singlepoint Inc (OTCMKTS:SING)

Shares of Singlepoint Inc (OTCMKTS:SING) declined 5.6% to $0.034 in the last session amid heavy volume trading. About 29.6 million shares were traded on the day, which was significantly higher than the average daily volume of 15.5 million.

Singlepoint Inc (OTCMKTS:SING)
Singlepoint one month stock price chart

The plunge in the stock followed an announcement by Singlepoint that it had made a block purchase of digital currency called $Weed from one of its joint venture partners.

Despite the decline, Singlepoint Inc (OTCMKTS:SING) has made tremendous gains this year. At the last session’s close, the stock had risen 211.9% since the beginning of the year and more than 200% over the last 12 months.

Large block purchase of $Weed

Singlepoint Inc (OTCMKTS:SING) said it purchased $Weed from its joint venture partner First Bitcoin Capital (OTCMKTS:BITCF). It described it as a “large block purchase” from a crypto industry leader. But Singlepoint didn’t disclose how much it invested toward the purchase. This may have tempered with investor confidence in the stock as some investors may have worried whether Singlepoint was making a sound investment in the crowded and volatile cryptocurrency market.

Nevertheless, Singlepoint Inc (OTCMKTS:SING) said its purchase of $Weed would go a long way into helping solve payment problems that vendors and consumers encounter in the cannabis industry. Additionally, SinglePoint pointed out that $Weed has a bright future, citing the successful floating of the currency in the “booming Cryptocurrency markets”.

According to Singlepoint Inc (OTCMKTS:SING), $Weed recently completed an ICO (Initial Coin Offering), resulting in a market capitalization of about $60 million for the new digital currency. ICO is an unregulated means by which new cryptocurrency ventures raise funds by selling a fraction of the currency to investors in exchange for regular currencies or other cryptocurrencies – such as Bitcoin.

Consumer first approach

The $Weed has already been listed in three cryptocurrency exchanges and First Bitcoin Capital is planning to list it on more exchanges in the near future. SinglePoint observed that the listing of $Weed in additional exchanges would increase interest in the currency to the levels of its peers such as PotCoin.

SinglePoint said it will work with First Bitcoin Capital to rapidly drive consumer interest in $Weed in what it described as “consumer first approach”. This approach will incorporate several programs, such as special offers, loyalty and the ability to monitor purchasing habits to help build a valuable database for the cannabis industry.

While shares of Singlepoint Inc (OTCMKTS:SING) plunged in the wake of the $Weed investment announcement, shares of its joint venture partner First Bitcoin Capital soared 10.8% to $0.46 in the last session.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SING and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Singlepoint Inc (OTCMKTS:SING) Exploiting Untapped Market

Singlepoint Inc (OTCMKTS:SING)

In the growing crypto-currency space, Singlepoint Inc (OTCMKTS:SING) has announced an initiative aimed at developing a solution for bitcoin payments. This will be done in conjunction with an organization known as First Bitcoin Capital Corp. While signing the agreement for the joint venture, the two firms agreed to use block chain technology in the development and distribution of a viable payments solution.The partnership will be beneficial as Singlepoint’s strength lies in distribution while that of First Bitcoin Capital Corp is in the provision of block chain technology. Through the partnership each firm will be able to concentrate on its core strength with a view to building and supplying a Bitcoin solution that ranks among the best.

Singlepoint Sees Widespread adoption

The two firms are of the view that they have discovered a way in which customers can pay for their cannabis products at points of sale in the same way they would do with a credit card or a debit card. Currently there is a potential payments gap that the firms stand ready to fill.

Greg Lambrecht, the chief executive officer of Singlepoint Inc (OTCMKTS:SING) observed that three years ago, when the firm first introduced a solution for bitcoin payments, the user adoption was low. However a lot has changed since 2014 and the momentum and the acceptance rate of bitcoin as an alternative payment form is growing.

In the past Singlepoint Inc (OTCMKTS:SING) has been able to successfully integrate its technologies with firms such as Verizon Communications Inc. (NYSE:VZ), Sprint Corp (NYSE:S), T-Mobile US Inc (NASDAQ:TMUS), AT&T Inc. (NYSE:T), IATS, Redfyn and Twilio. This has allowed the firm to offer SMS marketing as well as payment solutions that are based on text messages.

By 2026 it is expected that the cannabis industry will be worth approximately $24 billion. In the United States, Cannabis has been legalized in one form or another in the District of Columbia and 29 states. The two firms are convinced that this industry growth will lead to an increased demand for bitcoin payment solutions.

In the last 52 weeks the price of Singlepoint Inc (OTCMKTS:SING) stock has ranged between $0.0062 and $0.142. On Thursday the stock closed at $0.029 a share.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SING and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica Grey has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

SinglePoint Inc. (OTCMKTS:SING) Pursuing Growth On Bitcoin Technology And Cannabis Business

SinglePoint Inc. (OTCMKTS:SING)

SinglePoint Inc. (OTCMKTS:SING) is the latest company to set eyes on Bitcoin as the digital currency remains the talk of the town in the financial sector. The acquisition-based company has inked an agreement with First Bitcoin Capital Corp for the development and distribution of payments solutions leveraging blockchain technology.

Bitcoin Payment Solutions Plans

Under the terms of the agreement, the two companies are to combine efforts and technology in coming up with proprietary solutions for high-risk payment verticals. The two companies are also targeting the cannabis sector that is experiencing immense growth in North America.

“The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast,” said SinglePoint CEO Greg Lambrecht.

SinglePoint Inc. (OTCMKTS:SING) is not new to the payment industry after a number of companies have integrated its solution. The company now plans to use its experience and technology in partnership with First Bitcoin Capital to design a payment solution that encompasses various industries. The two companies are planning to come up with a solution that can be implemented into any point of sale machine.

SinglePoint Cannabis Prospects

Separately, SinglePoint Inc. (OTCMKTS:SING) has completed the acquisition of a 90% stake in Discount Garden in a cash and stock transaction. The acquisition expands the company’s operations into the business of selling products online, further diversifying its revenue stream.

The company’s chief executive officer expects the acquisition to position SinglePoint as a leader in online products, cannabis consulting, and retail stores in the greater California. DIG’s core competence is the sale of a wide range of cultivation equipment specifically targeting the cannabis industry. In addition to operating an online business the company also operates two store front locations with plans for a third on the way.

Acquisition of DIGs could not have come at a better time for SinglePoint Inc. (OTCMKTS:SING) given that California’s cannabis market is set to expand even further with the recent recreational-use legalization.

“This acquisition is an important one for SinglePoint and strengthens our footing in the cannabis industry. The acquisition of DIGS is phenomenal for the company’s books. More importantly though are the people that come along with this. We are investing in people we believe in, people that we know can continue to run and grow their company,” said Mr. Lambrecht.

SinglePoint Inc. (OTCMKTS:SING) stock was a big mover in Tuesday’s trading session rallying by 27.73% to end the day at $0.0304 a share.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SING and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.