We assessed recently Singlepoint Inc (OTCMKTS:SING) in our piece “Buy The Dip In Singlepoint Inc (OTCMKTS:SING)“, which was published on August 6, 2017. We mentioned in the article that the company should be followed closely:

“The recent pullback is a good opportunity for dip buyers in SING. To sum up, there is a lot to like here. We will be ready to assess the quarterly results that will be put this month.” Source

Is there anything new? Yes, the company drew the attention of the market in August 2017 because of large share price reaction. Have a look at it:

Source

What did create such a share price move? On August 8, 2017, the company announced the purchase of $Weed. We will focus on this news in this piece.

Business

This is what we said last time about the SING’s activities and recent business transition:

“In the past decade, the firm evolved from a mobile technology provider to a holding company with a diverse portfolio. The company is now involved in the activity of buying undervalued companies and creating a consistent but diverse portfolio for the firm. Source

To sum up, SING has become a holding company buying other businesses in industries growing at a fast pace. The following companies are subsidiaries of SING: SingleSeed, SingleCoin, and Discount Indoor Garden Supply. Additionally, the company has recently signed agreements with other companies, such as the agreement to work with Premier Biomedical Inc. to mass-manufacture CBD Hemp Oil Patch.

Recent Developments

The most interesting recent announcement was released on August 8, 2017. The company noted its purchase of $Weed, which is said to be “one of the newest fiat currencies floated in the booming Cryptocurrency markets.” SING bought $Weed from First Bitcoin Capital (OTCMKTS:BITCF). According to the press release, the two organizations have been working together for many months, thus the new deal is the next step to be made. 

What is Weed “Coin”? According to the announcement, “it is a cryptocurrency geared toward solving the payment problems found in the cannabis industry.” How big is the market? Its ICO launch resulted into a market cap of close to $60,000,000. Is the WeedCoin being traded? Yes, the company said that the coin is already listed on three exchanges and SING and BITCF are planning to list and market the coin on many more exchanges soon. If that becomes true, the companies expect that the WeedCoin will be a business success, as it is happening with other competitors:

“Additional listings and marketing efforts could generate greater interest levels found in such competitors as PotCoin as part of a partnership to move towards a massive consumer first approach. The consumer first approach overcomes the traditional issues of making a payment at dispensaries using cryptocurrencies.” Source

Is the new cryptocurrency necessary? According to the companies, the new payment solution may help many cannabis retail stores in receiving payments from customers. Additionally, the system was compared with that of Starbucks. This is also from the press release:

“A big barrier in making a payment at cannabis retail stores using cryptocurrency is the consumers do not yet have a wallet set up. This takes time and slows down this entire process. The companies both believe that with the proper execution, users should find a similar experience to using Starbucks’ mobile payment system.” Source

Investment research companies, such as CFN Media Group and NetworkNewsWire, noted the news and assessed the company in two reports:

Like we did, NetworkNewsWire explained that the system will work, and remarked that the company is receiving a lot of potential customers through its website:

SinglePoint’s bitcoin application will be KYC-AML compliant. Customers will be able to sign up for an account online prior to visiting a merchant, or they can do it in seconds right at the point of sale. Similar solutions have been deployed internationally, but SinglePoint is in an early-mover position to bring such technology to the United States. Though still a few months from its beta launch for the solution, SinglePoint is already amassing potential customers through its website.” Source

CFN Media Group also mentioned that “users could find the experience much like Starbucks’ popular mobile payment system that requires little effort.”

New Quarterly earnings release

We recently received the last 10-Q, wherein we could find that the balance sheet seems quite clean. The following are the most interesting accounts (for the period ended in June 30, 2017). Remember to note the amount of assets, cash, and intangible assets:

  • Cash: $162,017
  • Goodwill and intangible assets: $1,085,870
  • Total amount of assets: $1,934,545
  • Total amount of liabilities: $611,827

Market reaction and conclusion

In our opinion, the market celebrated the acquisition of $Weed and the information related to the work with BITCF by pushing up the share price. In addition, on August 14, 2017, the release of the 10-Q may have excited the market, as the company largely increased the amount of assets on the balance sheet. We believe that if good news keeps coming, the share price will keep rising. Furthermore, the recent declines in the stock price are being supported by dip buyers. To sum up, we will keep informing about this company, as it is delivering good developments and the market is reacting well to them.

Be sure to check out our coverage on SING. 

We will be updating our subscribers as soon as we know more. For the latest updates on SING, sign up below!

Image courtesy of Jason Benjamin via Flickr

Disclosure: We have no position in any of the securities mentioned and have not been compensated for this article.

Singlepoint Inc (OTCMKTS:SING) Is The Latest Bitcoin Runner









Advertisment:

Source by [author_name]