- AFP/Wang Zhao
- Potcoin, a cryptocurrency for marijuana, will be sponsoring Dennis Rodman’s trip to Singapore for the Trump-Kim summit.
- Rodman confirmed the trip was happening in an Instagram post on Friday.
- “We at PotCoin definitely believe that Dennis Rodman deserves the Nobel Peace Prize,” a spokesman for the cryptocurrency said.
The currency, called Potcoin, previously sponsored Rodman’s June 2017 trip to North Korea in an elaborate marketing ploy. The former NBA-player arrived in Pyongyang’s international airport decked out in Potcoin apparel – including a T-shirt, hat, and sunglasses – and flanked by Potcoin’s executives.
The stunt paid off: Potcoin’s market cap soared 84%, though it plummeted a day later, according to coinmarketcap.com.
Rodman confirmed his trip to Singapore in an Instagram post on Friday morning.
“Thanks to my loyal sponsors from @potcoin and my team at @princemarketinggroup, I will be flying to Singapore for the historical Summit. I’ll give whatever support is needed to my friends, President Trump and Marshall Kim Jong Un,” Rodman said, with a photoshopped image of him, Trump, and Kim smiling under US and North Korean flags.
It’s another wrinkle in the high-stakes nuclear diplomacy between President Trump and North Korean leader Kim Jong Un.
“The PotCoin team as a community has been incredibly supportive of Rodman’s peace mission from the beginning,” Shawn Perez, the spokesman, told The Washington Post.
Potcoin was founded in Canada in 2014 as a digital cryptocurrency designed to remove the need for cash transactions between marijuana consumers and dispensaries. Since marijuana is illegal under federal law, the majority of banks won’t take cash or open lines of credit for marijuana businesses – which some crypto-boosters point to as an opening for digital currencies.
However, cannabis industry CEOs told Business Insider in December that cryptocurrencies aren’t a panacea for the nascent industry, pointing out that their use can “draw unwanted attention” from regulators to otherwise law-abiding dispensaries.
That isn’t stopping Potcoin.
“We at PotCoin definitely believe that Dennis Rodman deserves the Nobel Peace Prize jointly with President Trump and the Marshal Kim Jong Un,” Perez told The Post.
This story has been updated.