mCig (OTCQB:MCIG) has announced it has entered into the cryptocurrency market by partnering with Render Payment during it pre-ICO.
As quoted in the press release:
The cannabis industry has traditionally been rife with illicit and underhanded transactions, but it is now moving towards greater legitimacy. Research shows powerful health benefits of cannabis and strong social movements are pushing for increased legalization. One way to improve the reputation of the industry is to modernize it, make it standardized, fully verifiable, and built on a system of trust between patients, doctors, growers, suppliers, merchants, bankers, and customers. New blockchain technology offers an ideal solution. Since blockchain holds an immutable ledger and assured contracts, it can easily accommodate the recording of financial transactions from seed acquisition to product delivery giving consumers confidence and surety in the placement of their orders.
Render Payment Token (RPM) is a crypto-token built for utilizing smart contracts on blockchain, specifically designed to accommodate high risk merchant services at discount prices, which adds legitimacy to the worldwide cannabis community. It is backed by Ethereum’s secure, global ecosystem, designed to provide businesses and individuals a trusted secure, private mechanism for financial transactions. In initial testing payment processing was integrated with Bitcoin, which proved to be reliable and stable. The solution was then migrated to the Ethereum platform utilizing the RPM token to provide lower costs, enhanced security, faster processing speed, scalability and expansion.
Render Payment is the first organization dedicated to leveraging smart contracts built on the blockchain to create and foster a financial service platform for high risk merchant services. MCIG’s focus is on providing a solution not currently available to the 33,000+ cannabis businesses worldwide, with an economic impact of $44 billion per year.