The rapid growth of cryptocurrency and marijuana industries in the United States has given birth to a new market beast; Crypto backed by cannabis.
Delta 8 (DX8), a SmartChain-powered cryptocurrency on the Binance marketplace, recently launched with a $1 billion market capitalization according to DX8 exchange and is set on growing to explode as the currency used in the cannabis marketplace.
DX8’s Founder and CEO, Mohamad Ali, said that his goal in the near-term is to create a stable, growing cryptocurrency that’s used as both an investment and a fast, secure transaction currency for cannabis dispensaries and medicinal users.
“Our goal was to create smart web tools and applications that allow fast, contactless and comphrensive payment transactions,” said Ali. “By focusing on our transaction infrastructure, we’re preparing to accommodate massive growth.”
Hamade, also a successful musician, says he’ll be using his industry contacts within marijuana dispensaries throughout the United States to grow DX8s’ customer base.
“Many banking facilities used by dispensaries offer very small interest rates on their savings accounts, and their newly imposed high transaction fees will cut into the bottom lines of dispensaries,” said Hamade. “Dispensaries don’t have many options. By offering lower transaction fees, compounded with the projected growth we’ve seen in other crypto markets, we believe we’re filling a void that’s needed in the marijuana marketplace.”
Hamade says that during Phase 1, which includes Quarters 3 and 4 of 2021, he intends to set up web applications and smartphone apps that allow fast transactions using DX8. He’s also procuring contracts with more than 50 dispensaries throughout the United States.
During Phase 2, his plans for DX8 include a more aggressive approach, using viral marketing, industry music promotions, as well as direct outreach to encourage more dispensaries and marijuana users to purchase and use DX8 currency for transactions.
While the concept may seem unconventional, it’s actually not that strange. There was actually a time during the Roman Empire when salt was used as currency, later backed by precious metals and other commodities. Today, we accept the faith and credit of the United States to back our currency.
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