Mihael, the Business Development and Community Manager at Verge, has tweeted that World-renowned cannabis seeds producer Royal Queen Seeds is now accepting Verge currency payments via Coin Payments NET. Verge is the latest addition in list of 10 cryptocurrencies that Royal Queen Seeds already accepts.
Supporting crypto movement
Royal Queen Seeds is big fans of cryptocurrencies and to show its support for the crypto movement, it has now allowed the use a variety of major coins at our store. The company plans to support the crypto movement until it finally sees coins like Bitcoin and many others accepted as global payment methods. To make payment seamless for its customers via cryptocurrency, the company has invested in all the infrastructure necessary to accept payments.
It initially started accepting Bitcoin payments but slowly expanded to 9 other coins namely, Ethereum, Litecoin, BCash, Digibyte, Ethereum Classic, GameCredits, Potcoins, Tether, Vertcoin. Verge is the latest addition as it slowly gaining popularity and has a fair bit of distribution and this what the leading cannabis seeder is targeting.
Royal Queen Seeds loves for cryptos
It’s not just the support to the crypto movement, according to a blog released by the company it said
“At Royal Queen Seeds, we’re big fans of cryptocurrency. Coins like Bitcoin, Ether, and many others have completely revolutionised the way we handle money and provide us with the financial freedom regular currencies can’t.”
The company feels that official currencies like the US dollar or the euro are Regulated by governments and their financial institutions who basically control how, where, and to whom we send money which is big deal, especially in the cannabis industry. It has faced cases where banks and credit card companies refuse to handle money produced by the cannabis industry, even in places where marijuana is legal (like certain parts of the US and Europe). The implication of the same being that most businesses in these areas are forced to run cash-only operations. This is sighted as a huge problem for a billion-dollar industry like cannabis.
Quoting the company’s blog
“Cryptocurrencies, however, overcome many of these problems. Thanks to their decentralised nature, there are no rules sanctioning who you can send/receive currency to/from. For companies like ours, this sidesteps many of the hurdles we face with transactions from banks, credit card companies, and other payment providers, such as refused payments”
Apart from this the blog also cited that cryptocurrencies also offer faster transactions, lower fees, and a wide variety of additional benefits.
For Verge, it has found a partner that is bringing its usage to the mainstream which in a way is good news for the project. This also would open doors for other vendors to accept Verge in the USD 1 billion Cannabis industry.
Will other Cannabis vendors also accept crypto payments like Royal Queen Seeds? Will these payments attract critiques for cryptos in regions where cannabis is illegal? Do let us know your views on the same
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.