First Bitcoin Capital Corp. (OTC: BITCF) has signed a master distributorship for a new type of check-cashing ATM designed for use in medical cannabis dispensaries in California. The Vancouver, B.C.-based company offers a full line of financial services for the medical marijuana industry. The specially-designed ATMs offer check cashing services and are designed specifically for use in medical marijuana dispensaries. The company said it expects these ATMs will increase the customer base in these locations by 18%.
First Bitcoin Capital Corp. is a developer of services related to bitcoin and cryptocurrency. It offers financial solutions for high-risk merchants, including medical marijuana dispensaries. Its financial services are needed to make it easy for clientele to cash checks. The new ATMs are specially designed to serve large and established medical marijuana dispensaries, and they have sophisticated risk analysis algorithms and underwriting procedures.
The Federal Deposit Insurance Corporation (FDIC) believes that approximately 7% of U.S. households are unbanked, referring to a 2015 National Survey of Unbanked and Underbanked Households (http://nnw.fm/zT9tV). That survey indicated that about nine million households in the U.S. were unbanked. Another 19.9% of households, or 24.5 million, the study showed, were underbanked. This is defined as a household having a checking or savings account, but using financial services outside of the conventional banking system. Members of this group used payday, pawn shop, or auto title loans. Almost 70% said they used ATMs/kiosks to access their bank accounts.
The ATM machines to be distributed by First Bitcoin Capital Corp. will enable consumers to cash payroll, government, and personal checks, as well as money orders. The fully-automated ATMs will process the needs of unbanked customers who may need to cash checks before purchasing. This is seen by the company as an attractive feature for dispensaries, making check cashing convenient for its clientele.
First Bitcoin said it is also developing a system that would allow dispensaries to accept Bitcoin and other cryptocurrencies as legal payment. First Bitcoin is tailoring its financial services to the unique needs of the medical cannabis industry.
For more information, visit www.BitcoinCapitalCorp.com
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