Düber is not the first company to try launching a cannabis-centric cryptocurrency. Banking has always been a problem in the legal cannabis industry. Mainly because you can’t bank. Federal laws make it extremely hard to use banks or even credit cards if you’re in the industry, meaning many businesses have to do all cash business. That’s led some people to try some different workarounds like a cannabis credit union in Denver or a proposed fleet of armored cars in California.
A few cryptocurrencies have tried to tackle that problem as well, the most famous probably being PotCoin, although they’re more famous for the absurd publicity stunt of having Dennis Rodman wear their shirt while visiting his friend Kim Jong Un in North Korea than they are for having an effective solution to the industry’s banking crisis.
But dübercoin (DBR) is supposed to be different. The cryptocurrency is in the planning stages right now, but düber CEO Glenn Ballman told Forbes that because of the burdensome banking laws, cannabis industry workers have to go to ridiculous lengths to manage their finances and often still have to work in an unsafe environment.
He says he sees “store owners using duffel bags, burying seed containers to store the cash and then using vehicles to move the cash around. Of course, that’s not safe — it’s very easy for someone to steal a very large amount of cash.”
Dübercoin, he says, could be a corrective. “The goal is not to eliminate cash, because that’s an unlikely outcome, but you can reduce the cash moving through the system and you can enable participants in the industry to pay their taxes using an alternate method. You can increase the safety and increase the velocity and predictability of payments for tax revenue to the state.”
DBR is still in the works, but the company has done their due diligence to gain capital and be in compliance before the currency’s upcoming initial coin offering (ICO), according to Ballman. Düber is a technology company that specializes in the legal cannabis industry. It currently offers services such as online ordering, self-serve systems, and digital menus, according to its website.