Fintech
Paloma Pay Discusses Its Crypto-Payments Platform as Solution to Cannabis Industry Banking Problem
Emmeryville, California–(Newsfile Corp. – June 2, 2021) – Paloma Pay, Inc, a privately held Company that has developed an easy-to-use crypto payments platform which allows cannabis business and other industries to accept cryptocurrency from their customers and deposit dollars into their account, discusses how its crypto-payments platform helps cannabis dispensaries receive bank-able cash.
Ms. Ally Medina, CEO and CO-Founder of Paloma Pay, discusses the unique advantages of the Paloma platform and how her company is poised to become the go-to payment platform for not just cannabis dispensaries, but also for everyday retail businesses to support consumers who opt for using their crypto for making payments of everyday products and services.
Ms. Medina stated, “The Paloma Pay platform was developed by regulatory experts to make crypto safe and easy for businesses owners to accept. The platform allows cannabis dispensaries to accept cryptocurrency from their customers and deposit dollars into their account. Paloma was founded to initially serve the needs of under-banked industries such as those in the cannabis business like dispensaries. However, with the increase in adoption of and further acceptance of crypto as a global currency, it’s become clear that our platform has many more applications that we will be rolling out as we plan to continuously expand the platform. We are pleased to have recently received an initial commitment of investment funds from a strategic investor, allowing us to accelerate our crypto-project development roadmap which includes a soon to be launched B2B cannabis payments solution that enables medical marijuana dispensaries to purchase inventory, integration with point-of-sale systems and providing access to fintech services for merchants.”
“There are more than 6,000 cannabis dispensaries in the US, which accounted for approximately $17.5 Billion in US domestic sales for 2020 with analysts predicting the market size to grow to $41 Billion by 2026. So, for Paloma, you sort of have a perfect storm where you have a fast growing cannabis industry plagued by federal regulation/prohibition, necessitating an alternative to traditional banking, and you have a cryptocurrency market that is rapidly evolving as a trusted form of global currency with adoption of new users continuing to expand exponentially. If we can capture just a small % of crypto-payments with a % usage fee, this has the potential to be a large and very scalable business opportunity for Paloma. Not being able to make cash deposits in a bank like traditional businesses is challenging especially when the majority of dispensaries are having to deal with customers, vendors, employees as a CASH only business. In addition to the obvious safety concerns, dispensaries were faced with a unique challenge in offering contactless payment solutions during the pandemic. In addition to the inefficiencies in handling cash, the industry has limited access to loans, interest earning accounts and other financial products that help businesses scale. Offering an entry point into cryptocurrency and the associated decentralized finance services is a natural next step for our business,” concluded Ms. Medina.
Paloma makes signing up for its service super easy. Our Chief Technology Officer, Ryan Luther explains what makes the Paloma Pay platform unique is that customers aren’t required to purchase a particular token or download a new app. They can utilize whatever cryptocurrency they already have, lowering the barrier of adoption. He notes that, “About 14% of Americans currently hold some type of cryptocurrency, and with services like PayPal and Venmo offering it to consumers we expect that number to grow quickly. Businesses will need to offer cryptocurrency as a means of payment just like they adopted credit cards in the past. Paloma Pay offers a secure way for merchants to accept crypto and has had a third party audit our smart contracts to ensure the protection of their funds.”
CONTACT INFORMATION
Contact info
Ally Medina, CEO and Co-Founder
Executive Director of the Blockchain Advocacy Coalition
Advisory Board member – CYIOS Corp (CYIO)
Email: contact@palomapay.com
About Paloma Pay:
Privately held Paloma Pay has developed an easy-to-use crypto payments platform which allows users to accept cryptocurrency from their customers and deposit dollars into their account. Paloma Pay platform provides users with a contactless payment solution that eliminates uncertainty about using cryptocurrency. Founded in 2020 by regulatory experts focused on developing a crypto payment platform that was safe and easy for businesses owners to use and accept cryptocurrency from customers. www.palomapay.com.
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements.” Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “would,” “could,” “will” & other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered w/ these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
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