Why Has There Yet to be a Cannabis-Cryptocurrency Partnership?

paragon coin

Towards the end of the summer, two celebrities decided that they wanted to follow the current trend, and release a cryptocurrency. The hope was that this new cryptocurrency would be able to be used to buy and sell everything related to cryptocurrency.

The founders of the coin known as ParagonCoin, Jessica Versteeg and Russian millionaire Egor Lavrov, offered around $100 million of there coin at $1 per piece. What’s astounding is that even prior to the initial coin offering or ICO, the coin managed to raise around $25 million from investors all over the world. There are several reasons why cryptocurrency has been a hot topic this year.

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With bitcoin climbing over 800{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} in value, and other currencies doing similarly, the cryptocurrency market seems to have exploded. It seems like there still may be a large amount of money to be made. The idea behind ParagonCoin was not the first time this concept had been thought up.

There have been around eight currencies since about 2010 that have tried to serve the industry on cannabis, which is mostly cut off by the lack of banking abilities. There are a large amount of cannabis related cryptocurrencies to keep track of, but that does not mean they don’t have the potential to be profitable. The business on cannabis is done mostly in cash from all aspects.

This leaves companies extremely vulnerable, and leaves room for the market of cryptocurrency to get involved. John Downs, the director of business development at The Arcview Group recently stated that “there’s a lot of sound and fury, but it doesn’t signify as much for the cannabis industry as one might believe if they just read the headlines.” The hopes are high that cannabis can have some sort of partnership with that of cryptocurrency.


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