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KannaCoin (KNCN) DeFi Banking & Lending: A decentralized banking platform in which merchants and other members within the legal cannabis industry have access to: funding when needed in the form of collateralized loans; the ability to stake their KNCN into the platform and earn an annual yield (similar to traditional savings banking); the ability to accept and process digital and credit card payments, through its native KannaCoin multi-asset wallet, and physical payment processing device utilizing Raspberry Pi. This will curtail the exorbitant fees that merchants pay for credit card processing, providing them also the option of a hardware device connected to a multi-asset blockchain wallet, ensuring fast processing times at fractions of the fees.
The medical and recreational cannabis market doesn?t have a banking system to utilize as it is still unfairly classified as a Schedule 1 narcotic and banks aren?t allowed to do business within the cannabis industry. Equally, most payment processors will not touch merchants in this industry because they are deemed high-risk. This creates a massive issue with common commerce and needs to be addressed. The global legal marijuana market size was valued at USD 9.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 26.7% from 2021 to 2028.
Merchants and customers alike are able to utilize banking tools within a trustless decentralized platform, earning them higher annual yields than traditional banking. Moreover, with the KannaCoin platform, there is no denying use of access or services based on the nature of business operated by the merchant. There are also no more application fees and exorbitant processing fees, removing the unnecessary label of ?high risk? business.
