POSaBIT, a Seattle-based virtual currency bills startup with a focal point on serving prison cannabis outlets, has raised $1.5m in investment.
The spherical covered participation from a number of Seattle-based totally angel investors, whose identities have been not disclosed, in addition to ny-based totally investment company digital foreign money organization.
The funding will go to advancing POSaBIT's business development efforts, according to a declaration. The startup additionally furnished some info on adoption of its payments platform and sales in Washington nation, which legalized marijuana in 2012.
"Already, over 25 stores within the nation of Washington have used the POSaBIT platform to provide cozy and green charge solutions to their clients, and those stores have already processed greater than $2m in sales via digital foreign money," the company stated.
in line with its task, POSaBIT changed into among the ones to substantially speak out in advance this year while legislators inside the kingdom of Washington taken into consideration banning local hashish companies from accepting bitcoin.
although that degree in the end failed, POSaBIT's group argued that its technique to bills intended that save proprietors may be less dependent on coins – as they in large part lack get entry to to the banking gadget due to federal statutes – for this reason lowering the danger of robbery.
Disclosure: Seemit is a subsidiary of virtual foreign money group, which has an possession stake in POSaBIT.
Bitcoin and marijuana image via Shutterstock
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