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American Green, Inc.'s president David G. Gwyther announced that the company is developing its own cryptocurrency: The American GreenBack.
American Green recently executed a binding letter of intent to acquire VendWeb and has completed the second cash payment as part of that agreement. The company now plans to launch a new crypto coin, designed specifically for use in age-verified transactions for alcohol sales in venues such as sporting events, concerts, nightclubs or other age-restricted settings such as cannabis dispensaries and smoke shops.
“American Green intends to release a white paper this month defining our purpose-designed cryptocurrency for transactions that require age verification. The company anticipates utilizing an American Green application on the user’s device, to allow the purchase and use of American GreenBacks in our proprietary vending solutions,” stated Gwyther.
As envisioned, the American GreenBack would employ know-your-customer and anti-money laundering compliant verification software, together with biometric data - all maintained in a unique, unalterable blockchain. American GreenBacks would only be tradable with other KYC/AML-verified counter-parties.
Photo: Courtesy of Kanchanara on Unsplash
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