Online payment solution provider RocketFuel is expanding into the cannabis industry
RocketFuel, a global provider of online payment options, has arrived to bring together two of the world’s fastest-growing industries to facilitate the way cannabis is purchased by consumers. RocketFuel currently supports Bitcoin and more than 50 other cryptocurrencies on its platform and has decided to make its payment solution available to licensed cannabis dispensaries and cannabis-related merchants.
The idea through this implementation is that merchants can now accept crypto payments from users who have cryptocurrencies in a private wallet or certain cryptocurrency exchange accounts in an efficient and secure way, something that is not very common in typical cash transactions that usually come with security and logistical issues. Should it be allowed locally, online delivery orders could also benefit from this new service. To best execute the entire project, RocketFuel will reportedly comply with FinCEN’s guidance on providing financial services to the marijuana industry.
“RocketFuel’s payment solutions are a game-changer for the cannabis industry, which has long been denied access to traditional banking services, such as opening merchant accounts and having access to credit/debit card services. However, the growth of cryptocurrencies has leveled the playing field for the industry and given control of transactions to merchants who no longer have to rely on banks to handle their financial transactions,” said Peter Jensen, CEO of RocketFuel.
It’s no secret that cannabis merchants and businesses have had several hurdles along the way as banks are still restricted from providing their services under federal law. However, this may no longer be an inconvenience after the arrival of this simple payment interface.