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 Seattle angel investors, and New York-based Digital Currency Group (DCG).
POSaBIT’s digital currency payment solution brings stronger compliance, transparency, and safety to industries like state legalized cannabis retailers, that is 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.
Jon Baugher and Ryan Hamlin, the founders of POSaBIT said:
“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. Securing the backing of DCG will allow us to execute and innovate faster, in order to support the needs of our customers and partners.”
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 $2 million in sales via digital currency. In addition, stores that have implemented the POSaBIT payment solution have reported a noticeable increase in average spend by consumers paying via bitcoin instead of cash.
Digital Currency Group 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.”