Arizona’s Attorney General, Mark Brnovich, issued an announcement concerning a new addition to Arizona’s Fintech Sandbox.
The addition, called ALTA, is an “Arizona startup that will allow cash-insensitive businesses to make and receive digital payments without a bank,” per the announcement. ALTA is the seventh addition to the Fintech Sandbox. Attorney General Mark Brnovich stated in the announcement concerning the Fintech Sandbox:
“In just under a year, we’ve seen promising growth and success from our FinTech Sandbox. Not only will Arizona consumers be the first to benefit from cutting-edge FinTech products, but the program itself will help strengthen our state’s economy.”
In regard to ALTA, the announcement indicates that legal proceeds that are deposited into ALTA accounts are derived from the legal sale of digital commodities, not medical marijuana. The company aims to provide money transition services and digital asset technology to provide cash management solutions for licensed medical marijuana providers and vendors.
Further, Representative Jeff Weninger who sponsored the legislation that created the Fintech Sandbox, added in the announcement:
“It's exciting to have ALTA as the newest participant in Arizona's FinTech Sandbox. There's huge potential for stablecoin technology in cash-intensive businesses around the world, and Arizona is fortunate to play a critical role in the development and growth of this emerging industry.”
Sarah Wessel, ALTA’s Co-founder and COO, stated:
“The cash economy for legal cannabis in Arizona exceeds $350 million annually…These are legitimate companies, innovators and entrepreneurs that are forced to operate in cash. We offer them peace of mind. Our digital payment technology lifts the burdens of having to operate solely through cash and makes our communities safer.”
The company’s second co-founder and CEO, Jesse Forrest, also added:
“We help solve the banking challenges facing medical marijuana companies and their vendors…ALTA uses blockchain and geofencing technology to protect clients’ digital payments and transfers. Other digital payment companies require a bank account. We provide all the financial services medical marijuana companies need without requiring a bank account.”