CurrencyWorks, the blockchain platform provider founded by Cameron Chell, continues to make new inroads into the growing digital payments industry.
In May, the company announced that CaliCard Inc. used the CurrencyWorks’ Platform to release and deploy its closed-loop payment and internetwork advertising platform for California’s cannabis delivery providers.
It’s a major win for CurrencyWorks, which has sought to expand the use of its platform among digital payment providers.
According to the press release, the partnership with CaliCard “combines best-in-class cannabis delivery tools such as e-commerce, least cost delivery routing, and customer management with digital settlement including the ability to purchase CaliCard currency with mainstream methods such as debit, credit, and direct ACH.”
Five major retailers have agreed to use CaliCard, so their consumers will now have the flexibility of using electronic payment methods — without needing to register in a discrete payment program.
“The team at CurrencyWorks has created an elegant and simple solution that solved a problem many industries face, which is the inability to support payment for a product that isn’t supported by traditional avenues,” Cameron Chell, Chairman of CurrencyWorks, said. “The benefits of our platform and services benefit both the consumer and the retailer.”
CaliCard relies on the power of “Know Your Customer” (KYC) technology to verify the identity of users on the platform. This could drastically reduce the chargebacks that have become so common among conventional payment systems still used by many merchants.
“We are excited by the platform and services that CurrencyWorks has deployed,” said Christian Schenk, Founder and CEO of CaliCard. “CaliCard is dedicated to pushing the fintech boundaries across multiple higher risk categories and is going to expand operations beyond California in the coming months.”
While this new “solution” to problems with traditional payment programs won’t be released until the third quarter of this year, Cameron Chell said he’s confident the new system will continue to attract interest from retailers.
“We’re using the best-in-class fintech technology that exists in today’s marketplace while simultaneously ensuring compliance with all federal and state banking laws,” Chell said. “With this system, consumers can trust that they’re protected from fraud.”
The two parties will also offer a cryptocurrency option for CaliCard members, which they can use to fund their CaliCard balances and spend the proceeds to purchase cannabis from the increasing number of merchants who rely on CaliCard for these services.
It’s only the latest in a long string of business opportunities pursued by Cameron Chell and CurrencyWorks.
The company and its founder have shown intense interest in NFTs, offering non-fungible tokens across various markets, from collectibles to music to film.
In October 2021, the film ZERO CONTACT became the first movie to be released in a non-traditional film format. It was released by Vuele, also founded by Chell, and Film Threat reported that a total of $85,000 worth of NFT copies of the film had been sold.
In March 2022, CurrencyWorks announced that it had scored country music star Michael Ray for a Commemorative NFT minted for the company’s MusicFX platform.
In April 2022, CurrencyWorks announced that its Motoclub platform had revealed its first NFT line as part of its partnership with the International Motorsports Hall of Fame, Benzinga reported.
When Cameron Chell holds the Q1 2022 shareholder update call on May 18, he will have plenty of good news to share with his company’s investors.