LONDON, Nov. 16, 2021 /PRNewswire/ -- The Nano Foundation, a non-profit organization that aims to democratize the global economy through Nano, the feeless, instant and green cryptocurrency, announced today that Kyle Sherman, founder and CEO of Flowhub, will be joining its Advisory Board. Since going live in 2015, 26 million individual Nano wallets have been created processing more than 136 million transactions on the network representing over $42 billion USD in processing volume.
Founded in 2015, Flowhub is the leading point-of-sale and retail management platform for adult-use and medical cannabis dispensaries in the United States, processing over $3 billion USD in cannabis sales annually.
"Flowhub has a vision ahead of its time and has taken the lead by streamlining retail in an incredibly complex regulated industry," explained Colin LeMahieu, Director of the Nano Foundation and creator of Nano. "The complexity of banking is a problem worldwide; Kyle and I share a true passion, advocating for change and being on the front line of this movement. It was a no-brainer to ask him to come onboard and help shape Nano's future together."
With a strong product-led vision, it is an exciting time for Flowhub—which recently secured $19 million USD in strategic funding led by Headline, Poseidon and Shawn "Jay-Z" Carter. As the global legal cannabis market size is expected to reach $70.6 billion USD by 2028, Flowhub helps consumers pay in more convenient ways while seeking to modernize and simplify the arduous process of managing a dispensary with unique mobile tools like the Nug scanner and the Stash® and Greet® apps.
"I've been a fan of Nano for years; they're transforming the way we think about digital money," Sherman explained. "Banking in cannabis has been a struggle since the early days of legalization. Dispensaries have limited alternatives to cash in a world where cryptocurrency has become a viable payment option for similarly regulated industries, like sports betting. It's an obvious next step for us to consider what crypto will look like as a tool to purchase cannabis. I'm excited to begin this process through my advisory position at Nano."
Nano is sustainable digital money with instant transactions and zero fees over a secure, decentralized network. The Nano protocol is developed to be accessible and lightweight, with a focus on removing inefficiencies present in existing cryptocurrencies, making it ideal for everyday transactions. The Nano Foundation is a non-profit organization with the purpose of developing and maintaining the Nano protocol while supporting the Nano ecosystem.
Flowhub is the cannabis retail software company that helps dispensaries by providing compliance, point of sale, payments, inventory tracking and business intelligence solutions. As the first Metrc integrator with first-to-market mobile check in and inventory management applications, Flowhub processes over $3 billion in cannabis sales annually and empowers more than 1,000 cannabis retailers to simplify their daily dispensary workflows. Flowhub is proud to be a founding director of the Cannabis Trade Federation and the U.S. Cannabis Council, organizations committed to advancing social equity and federal cannabis legalization. The company has awarded over $1.8 million in free software products through its social equity program. Founded in Denver in 2015, Flowhub is a privately held, remote-first company. Investors include Headline, Poseidon, Shawn "Jay-Z" Carter, and Evolv Ventures (The Kraft Heinz Company venture arm), the founders of Venmo, and more. For additional information visit flowhub.com.