FinTech Sandbox in Arizona admitted another crypto startup-Alta which is a digital payment club offering services to cannabis-based business which we are reading more about in the coming altcoin news below.
The program by the FinTech Sandbox is designed to ease regulatory burdens for entrepreneurs in the financial technology space. According to the latest statement released by the Attorney General of Arizona, Mark Brnobich, Alta is the seventh company to be inducted into the regulatory sandbox. On the website of the startup, ALTA describes itself as ‘’ digital payment club where cash-intensive business pay each other digital tokens instead of cash.’’ The crypto startup provides management solution to medical cannabis vendors which make it easy to make payments to other members by transferring the tokens. The tokens can be redeemed for US dollars at a rate of 1:1.
The United States Banks and other financial institutions are now offering services to cannabis-based businesses due to the varying laws and regulations that are existing in the different states so it is not mandatory to own a bank account in order to buy Alta tokens.
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The crypto startup provides car pickup services as well for those members who use cash. According to the ALTA co-founder and chief operating officer Sarah Wessel, this is a multi-million opportunity:
“The cash economy for legal cannabis in Arizona exceeds $350 million annually. These are legitimate companies, innovators and entrepreneurs that are forced to operate in cash.”
This is the seventh startup to join the FinTech Sandbox, and Alta is the second company in the blockchain and crypto space to join since the initiative was first launched in August. The first crypto startup to be admitted was the Sweetbridge startup which is a company focusing on blockchain-based lending solutions. Arizona made other steps as well as demonstrating credentials as a blockchain-friendly state. For example, last year, the governor of the state Doug Ducey, signed a new law which was a blockchain bill recognizing the data shared by corporations on the blockchains as valid. As noted in the latest cryptocurrency news, the Arizona State University is home to the blockchain Research Laboratory which is a program launched two years ago in order to foster research and education in the distributed ledger technology.
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