The CEO of mCig, Inc. (OTC:MCIG) will be investing over $500,000 into its majority-owned subsidiary OBITX, Inc.
OBITX will be using the funds to purchase state of the art cryptocurrency ATMs, which will be used to help bridge the “cash” business of cannabis with mainstream finance through cryptocurrency.
These ATMs will be the first of its kind and will support most forms of cryptocurrency, such as Bitcoin, Ethereum, and Litecoin. With the ATMs, you will be able to dispense cash, transfer funds, and purchase and sell cryptocurrency. They will have two screens, one for transactions and the other will display a billboard for content distribution and advertising.
OBITX will have 10,000 cryptocurrency ATMs installed in dispensaries as well as mainstream locations over the next few years.
“The space we are entering may be new to our shareholders, but it is a growing and lucrative sector. Integration with cryptocurrency has been planned since the day we acquired our software and technology division. Many tech and finance projects that were developed within the last 8 months have been built to integrate into and transform the experience of technology and transactions in this new company”, stated Paul Rosenberg, CEO of MCIG Inc.
Rosenberg has great faith in the OBITX management team, which is why he invested his personal funds into the company in order for them to do this.
OBITX will be an exclusive distributor of crypto ATMs for the entire cannabis market. Enthusiasts believe that cryptocurrency will help to resolve the regulation, banking, and payment processing issues the marijuana industry is currently facing.
Featured Image: twitter
