MoneyTrac Technology, a subsidiary of Global Payouts Inc., today launched its blockchain-based banking solution, MTRAC. MTRAC will provide a full-service banking solution powered by GreenBox blockchain technology, targetting the unbanked and, in particular, the legal cannabis industry in California and other states that have recently legalized recreational use of the substance.
MTRAC CEO Vanessa Luna said, in a statement, “The goal of MTRAC, from the beginning, has been to leverage the different technologies available to us to remove the use of cash as the primary form of payment throughout the cannabis industry. While other companies have struggled to find supportive financial solutions, MTRAC opted to take a different approach and one that has relied heavily on the use of blockchain technology to address this problem for a massive and growing industry. I am extremely excited to see MTRAC, our payment solution, officially launch next week. Once this happens, I am confident that every dispensary desiring legitimacy and transparency will jump on board and provide us with a number of new clients to serve.”
Many dispensaries and other members of the emerging legal cannabis supply chain have been unable to receive traditional banking services due to the legal uncertainty created by differences in state and federal law. Where the former has legalized the sale and use of cannabis, the latter still treats the drug as dangerous and illegal to sell or transport across the United States, according to the company's statement.
Despite many potentially lucrative clients seeking banking and other financial services, fear of regulatory action for allegedly facilitating illegal activities has kept US banks on the sidelines in this rapidly growing industry, said the company. Greenbox blockchain technology offers to fill this void, in addition to creating an immutable ledger of sales and transactions and helping to reduce fraud and theft in an industry that would benefit from additional supply chain monitoring and a reliable cashless method of processing payments and remittances.
To learn more about Global Payouts, visit http://www.globalpayout.com/.
To learn more about GreenBox POS, visit https://www.greenboxpos.com/.