MIAMI – BankLine’s unique Crypto ATM banking services, in partnership with cannabis-friendly financial institutions, provide nationwide armored cash logistic services to Crypto ATM operators within licensed cannabis dispensaries – facilitating exciting new business opportunities.
States continue to legalize the adult use of cannabis, now available in over 7,000 state-regulated dispensaries across the United States, which presents a new opportunity for Crypto ATM expansion.
The United States currently hosts the highest number of Crypto ATMs of any country in the world, more than 30,000 and growing.
Solving Bank Reluctance
Until now, U.S. financial institutions have been reluctant to accept cash deposits from Crypto ATMs placed within licensed cannabis dispensaries. Working with BankLine, Crypto and cannabis-friendly banks have the confidence that their clients will maintain the highest compliance standards, allowing expansion nationwide.
Compliance measures for customer due diligence, monitoring, and reporting are currently required for both Cryptocurrencies and legal cannabis by State and Federal regulators.
The Confluence of Cannabis & Cryptocurrency
President and CEO of BankLine, Mark Ochab, states; “After 21 years serving in local and federal law enforcement, specializing in the financial services and banking sectors, I see the confluence of cannabis and Cryptocurrency as a positive step forward.
“Cryptocurrency transactions are permanently recorded on the blockchain, providing an immutable and traceable record of transactions.
“BankLine’s team has the knowledge and experience to help our clients stay compliant.”
(This information is primarily sourced from BankLine. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).