- Recent uplisting to the OTCQB Venture Market improves company profile
- New board appointment of Mr. Venugopal Aravamudan, with over 25 years of experience in technology development with major companies
- SinglePoint will leverage this experience to expand its reach into global markets
On February 14, 2018, SinglePoint, Inc. (OTCQB: SING) released an update for shareholders regarding its recent uplisting to the OTCQB Venture Market (http://cnw.fm/w8eUZ). With a market cap of just over $65 million, the company is currently busy completing its 2017 audit for the imminent reporting of its financial results. SinglePoint places great importance on becoming fully reporting so as to increase transparency and improve credibility with shareholders. This way, the company will increase its exposure to institutional investors and attract further direct investment through the open market.
SinglePoint’s uplisting to the OTCQB marketplace required the addition of another board member. As such, the company announced its addition of Mr. Venugopal Aravamudan to the board. Aravamudan has more than 25 years of experience in growing and leading technology developments for major companies, including Microsoft (NASDAQ: MSFT), Amazon (NASDAQ: AMZN), VMware (NYSE: VMW) and F5 Networks Inc. (NASDAQ: FFIV). He is currently senior vice president and general manager of F5 Networks, where he is responsible for its next generation cloud services products.
SinglePoint intends to leverage Aravamudan’s expertise in cloud computing technology to accelerate the company’s capability to deliver blockchain-enabled solutions on a large scale. This will enable SinglePoint to build global capabilities for service delivery and ensure substantial growth at the next level. In a news release, the company’s president, Wil Ralston, had this to say on this exciting appointment: “We are very happy Mr. Aravamudan has joined us. This gives us the expertise we need for accelerating the right set of technology based Joint Ventures, Acquisitions and other interesting Big Data plays that unlock the potential for blockchain applications.”
SinglePoint intends to launch its bitcoin payments processor via subsidiary SingleSeed, during the first quarter of 2018. SingleSeed will initially provide a platform for both consumers and retailers in the legal cannabis industry to process payments using cryptocurrency. The app provides a much needed payment solution for most operators in the cannabis sector who cannot access traditional banking processes. Built to accommodate bitcoin payment, SingleSeed will be extended to facilitate other cryptocurrency payments, most notably ethereum.
The SingleSeed app is user-friendly and a win-win solution for merchants and consumers, enabling easy account registration and fast point-of-sale transactions. The downloadable app will enable retailers to post photographs and descriptions of their products, while employing text messaging to market their offerings, develop customer relationships and build trust. Developed specifically to provide a payment solution for the cannabis industry, SingleSeed can be customized as a payment platform for any other industry.
Toward the end of last year, SinglePoint entered into joint venture agreements with Global Payout, Inc. (OTC: GOHE) and AppSwarm (OTC: SWRM). Global Payout provides multi-national companies with customized payment and mobile banking solutions, merchant processing services and payment system consulting services. AppSwarm focuses on technology development for mobile applications and has established agreements with several application stores. These strategic alliances will strengthen SinglePoint’s cryptocurrency payment solutions, providing value-added offerings that will include licensed in-home delivery options.
SinglePoint’s new board appointment and recent uplisting to the OTCQB Venture Markets are set to take the company in a new direction. They could position the organization strongly for the upscaling of its operations and the acceleration of its growth into global markets.
For more information, visit the company’s website at www.SinglePoint.com
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