POSaBIT, Inc., a Seattle, WA-based blockchain-powered fintech startup, raised $1.5m in funding.
Backers included angel investors, and New York-based Digital Currency Group.
The company intends to use the funds to expand operations and business reach.
Co-founded by Jon Baugher and Ryan Hamlin, POSaBIT provides digital currency payment solutions for industries that lack access to traditional banking and financial services including state legalized cannabis retailers. By encrypting transactional information in the blockchain, the company is able to establish a strong audit trail, detect money laundering behavior, and check for OFAC violations, in order to support the needs of regulatory and law enforcement institutions in highly regulated industries like cannabis.
Already, over 25 stores in the state of Washington have used the POSaBIT platform to provide secure payment solutions to their customers, and those stores have already processed more than $2million in sales via digital currency.