POSaBIT is a Seattle financial services company Incorporated in 2015. They created a point-of-sale arrangement for purchasers of legal cannabis in Washington based on conversion of US dollars from a customer's credit card swipe to Bitcoin. Uncle Ike's Pot Shop began using the system in March, 2017 for cashfree retail transactions with a point-of-sale tablet resembling a Square, Inc. payment system, and by June it was reported to be in use at 30 locations. A Washington legislator introduced a bill to the state senate in January, 2017 that would make bitcoin illegal for such transactions. The legislator cited the Cole Memorandum as placing the state's system in jeopardy if virtual currency were not banned, due to 2014 FinCEN financial transparency requirements.In June 2017, POSaBIT raised $1.5 million in funding.