Bitcoin Lets POSaBIT Solve Cash-Only Cannabis in Washington State
Cannabis purchases in Washington State are modernizing with thanks to a new bespoke Bitcoin-based POS tool.
A Seattle Bitcoin merchant is seeking to move the local cannabis scene forward from cash-only payments by using the virtual currency instead.
The aptly-named POSaBIT is currently installed at six outlets in the Washington State capital, with several others beyond.
Customers use their credit or debit card to purchase Bitcoin, which is then used to pay for goods at the point of sale.
“I saw an industry that was in dire need of a credit solution,” CEO and co-founder Ryan Hamlin, an ex-Microsoft executive, told local news resource Seattle Weekly. “I said, ‘Software has got to be able to solve this problem.’”
The service monetizes its features by charging a $2 flat fee per transaction, with an upper purchase cap of $150 Hamlin says is designed “to limit any exposure to Bitcoin abuse.”
POSaBIT means Washington follows in the footsteps of neighboring Oregon, which gained a sanctioned Bitcoin-based cannabis purchasing solution from First Bitcoin Capital last October.
Conversely, the state has recently tightened its virtual currency business laws, requiring a money transmitter license which saw well-known exchange Bitfinex close its doors to residents from March 1.
Fellow exchange and wallet provider Coinbase was recently forced to exit nearby Hawaii for the same reasons.