Bitcoin Daily: Cannabis eCommerce Platform American Green To Accept Bitcoin Payments; Crypto Custody Platform Koine Enters Insolvency
American Green will be expanding its eCommerce platform in March to include bitcoin payments to help people pay for cannabidiol (CBD) and hemp, according to a press release from the company.
The company said in the release that ordering its products will become more efficient with the addition of bitcoin as a payment method. International transactions will be simplified, with less issues due to internet security concerns and credit card interoperability problems.
In other news, Koine, the London-based crypto custody and settlements infrastructure provider, has gone into insolvency, according to CoinDesk.
Koine Co-Founder Phil Mochan told CoinDesk that Koine had two investments that didn’t play out.
“One of those parties was unable to complete on schedule, and so the other party pulled out,” Mochan said, according to the report. “A number of Koine’s clients offered to invest themselves, but the total sums offered and timing were insufficient to keep the business alive.”
Meanwhile, Rakesh Jhunjhunwala, Indian billionaire investor, said he thinks the country’s regulators need to ban bitcoin, CNBC reported.
He said he’ll “never buy” the crypto and called it “speculation of the highest order,” according to CNBC. Instead, Jhunjhunwala said the country should focus on the digital rupee.
Indian regulators haven’t yet made a decision on crypto, but some say they’ll likely ban all cryptos and India will roll out its own central bank digital currency (CBDC), CNBC reported.
Lastly, Bottlepay, a bitcoin real-time payment app, has closed an 11-million-pound ($15.6 million) seed funding round, according to a report from AltFi.
The app’s services offer instant payments, including micropayments and cross border transactions, through a real-time open payment network, the report stated.
Despite bitcoin’s popularity, some critics have cited cumbersome fees as a blockade to using it. But advocates say this might not always have to be the case, according to the report.
Bottlepay said its app allows for seamless payments and sending, storing or withdrawing of bitcoin with simple actions, the report stated.