Alt Thirty Six Raises $10 Million In Series A Funding For Cannabis Blockchain Payment Solution

Private Investment Firm to Lead Series A Funding Round Focused on Facilitating Alt Thirty Six's Rapid Expansion and Technical Capabilities

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Digital payment and compliance platform, Alt Thirty Six, that uses blockchain technology and Dash designed to help the cannabis industry go cashless, has received $10 million in Series A funding to help accelerate company growth and enhance development capabilities.

“We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster for all cannabis businesses,” said Ken Ramirez, co-founder and CEO of Alt Thirty Six. “This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country.”

The round was led by an unnamed private equity firm to support Alt Thirty Six’s digital payment solution. The startup’s innovative platform eliminates the need for cash in the cannabis industry by using blockchain technology and Dash, a decentralized digital asset, to facilitate the transfer of funds at dispensaries and cannabis businesses.

“We fully support Alt Thirty Six’s innovative payment technology and dedication to providing the cannabis industry with an alternative to cash,” says the private equity firm in a statement. “We are thrilled to lead this funding round. Alt Thirty Six brings a new, payments-focused element to our portfolio, adding tremendous value to the cannabis businesses.” 

Alt Thirty Six will use the funding to further drive company expansion, advance the platform’s technical functions and abilities, expand proper licensing in target states across the U.S. while maintaining focus on compliance and regulation. Ultimately, the capital will be used to help Alt Thirty Six achieve mass consumer adoption throughout the cannabis industry.

Alt Thirty Six’s recent company announcements include a partnership with CannTrade, a leading provider of cannabis software technology, and the hiring of Chief Architect Jason Breidis, a payments expert whose work led to the acceptance of electronic payments at McDonald’s restaurants and is used to process billions of dollars in transactions. 

 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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