The sudden movement in the market over the weekend caught me a little off guard and a little before we were ready to post full details, but I want to post an update on things and let you know what I can at this point.
Right now, we are working with Alex Waters of Coin.co and Coinapex.com (the about pages on those sites have a little info on him, but google him if you're not familiar with him) who is helping create the payment processing system we'll be using to allow merchants to accept BitSeeds and gain their charitable tax benefit. We had hoped to have this ready in July, but Alex was dealing with some personal/family issues that understandably put him behind schedule, but is working on it and I'll update you on his progress when I'm able to.
Speaking of charities, since the BitSeeds Foundation and the Rainforest Foundation are registered charities, it seems that this makes BitSeeds unusual (I believe unique) in that it involves fewer regulatory compliance burdens compared to other cryptocurrencies. To my understanding, the cost of state-by-state compliance now adds literally $2-3 million in costs to the hurdles for a startup trying to get into the cryptocurrency space, but the nonprofit/charity aspect of how this project is set up allows startups like coin.co to avoid most of that cost compared to Bitcoin. This should make XSEED a very attractive blockchain for startups to work with due to lower cost of compliance.
Alex has offered to get more specifics from his lawyers, but when confirmed it should make BitSeeds the world's only "regulatory resistant" cryptocurrency!
We are in the process of lining up merchants with some confirmed already, including ones in the cannabis industry thanks to Gabe's connections there (see below). I'd like to share a partial list of merchants, but Gabe has asked me not to post anything yet. However, I think I can share the following - I'm just going to quote Gabe directly here:
"I own a cannabis incubator and we've incubated multiple cannabis companies ranging from delivery services to distribution platforms for dispensaries. Green Labs has been written up in numerous publications [including] Forbes and Business Insider…" (also in the New York Times, High Times, and others linked on their site at
http://greenlabsdenver.com/ )
"We have access to over 300 dispensaries between Colorado and California. A lot of them, I think the majority of them, have issues accepting credit cards and anything other than cash. A few companies have come out to try to help them and give them financing in a sense – being able to accept credit cards – but that really hasn't panned out. Most of them have to bounce the money all around like through Puerto Rico and stuff like that. Digital currency would obviously fix that and make it much easier. "Anyway, I'll post more details when I'm able. Thanks for everyone's support and patience in the meantime!
