CurrencyWorks Platform Now Supporting Payment Infrastructure for CaliCard and 5 Major Cannabis Retail and Delivery Brands in California

Rhea-AI Summary

CurrencyWorks has partnered with CaliCard to launch a closed-loop payment and advertising platform for California's cannabis delivery providers. This solution integrates e-commerce with digital payments, allowing users to purchase CaliCard currency through traditional payment methods. Five major retailers have adopted the system, which enhances customer access to exclusive offers while ensuring quick and reliable digital transactions. The platform will also introduce a cryptocurrency option by late Q3 2022, aimed at expanding CaliCard's services beyond California.

Positive

• Launch of a closed-loop payment platform catering to California's cannabis sector.
• Integration of mainstream payment methods, increasing consumer accessibility.
• Partnership with five major retailers enhancing market presence.
• Scheduled cryptocurrency option expected to expand operations beyond California.

Negative

• None.

Los Angeles, CA., May 04, 2022 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CurrencyWorks'' or the “Company”), (CSE: CWRK and OTCQB: CWRK), an award-winning, full-service blockchain platform provider, announced today that CaliCard Inc. (“CaliCard”), with the support of CurrencyWorks’ Platform, has released and deployed its closed-loop payment and internetwork advertising platform for California's cannabis delivery providers.

The solution 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.

The solution was released to five major retailers. Consumers benefit from gaining access to exclusive deals and offers as well as the flexibility of using existing electronic payment methods without the need to register in a separate payment program.

Retailers benefit from quick and reliable digital payments, the ability to extend promotions to a captive audience, and virtually no chargebacks relating to fraud. CaliCard leverages “Know Your Customer” (“KYC”) compliance technology to ensure that the consumers are who they say they are. This has a dramatic effect on chargebacks commonly experienced in traditional merchant programs.

The solution leverages the best-in-class fintech technology in the marketplace today and ensures compliance with all federal and state banking laws. Consumers are protected from fraud and misuse by leveraging the integrated payment process built right into the shoppable e-commerce platform.

In addition to current development work and customer service support, the parties are creating a cryptocurrency option for CaliCard members to use as a means to fund their CaliCard balances and in turn, use the proceeds to purchase cannabis from the growing list of retailers leveraging CaliCard for merchant services. The solution is scheduled to be released in late Q3 2022.

“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,” said Cameron Chell, Chairman of CurrencyWorks. “The benefits of our platform and services benefit both the consumer and the retailer.”

“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.”

About CurrencyWorks

CurrencyWorks Inc. (CSE: CWRK and OTCQB: CWRK) is an award-winning, publicly-traded company that builds and operates a full-service blockchain platform.

For more information on CurrencyWorks, please visit us at www.currencyworks.io. For additional investor info, visit www.currencyworks.io or www.sedar.com and www.sec.gov, searching CWRK.

Media Contact:
Arian Hopkins
arian@currencyworks.io

Company Contact:
Bruce Elliott, President
Phone: 424-570-9446
Bruce.Elliott@currencyworks.io

FAQ

What is CurrencyWorks' recent development in 2022?

CurrencyWorks announced the launch of a closed-loop payment and advertising platform in partnership with CaliCard for California's cannabis delivery providers.

How does the CaliCard platform benefit consumers?

Consumers gain access to exclusive deals and can use existing electronic payment methods without needing to register in a separate payment program.

What advantages does the CaliCard platform offer retailers?

Retailers benefit from quick digital payments, promotional capabilities, and reduced chargebacks related to fraud.

When is the cryptocurrency option for CaliCard expected to be released?

The cryptocurrency option for CaliCard members is scheduled for release in late Q3 2022.

What regulations does the CaliCard platform comply with?

The solution ensures compliance with all federal and state banking laws.