Digital Banking

CurrencyWorks partners with cannabis retailers to launch digital currency card

Image courtesy of iStock

March 2, 2021

CurrencyWorks Inc., a financial technology blockchain pioneer and alternative digital payments provider, has signed a deal to partner with leading cannabis retailers and launch a digital community currency card and fintech platform, according to a press release

The CaliCard, currency card will be equipped with a digital wallet that provides compliant banking, digital payments and merchant services to consumer businesses including licensed cannabis retail operators.

Calicard's CEO, co-founder, Christian Schenk, the former CEO of Driven Deliveries Inc., became a leader in online cannabis sales and direct to home delivery network with more than 400 employees across the State of California before selling the business to Stem Holdings, a Florida based multi-state-operator.

"After spending a year and a half in the cannabis industry experiencing first-hand the challenges merchants and consumers face when it comes to banking and payment options, it was time to change the game," Schenk said in the release.

CaliCard has been working with five major retailers, both online and brick and mortar dispensaries on the cannabis payment functions of the solution and plans to add non-cannabis merchant networks over time. It is also looking to launch with several hundred retailers across California, including restaurants, c-stores and more. This will enable CaliCard account holders to use the new community currency for virtually all types of products and services.

By leveraging CurrencyWorks' proven technology with additional services such as banking, security and processing relationships, CaliCard will provide a seamless experience in-store and online. Funds can be reloaded at time of purchase to settle a transaction or kept in user's CaliCard account, to be accessible at any time.

Account holders will be assigned a physical card for use in-store, to access ATMs as well as to facilitate online purchases. Consumers can also leverage the digital payment interface using the mobile app, which will present the merchant with a unique QR code or will leverage the merchant's point of sale terminal NFC interface.