Three developers have collaborated online to create a cryptocurrency for the marijuana industry called Potcoin. The currency was launched on January 21 to help make transactions with dispensaries safer, according to TechCrunch.

The said developers are hiding behind the pseudonyms Hasoshi, Mr Jones, and Smokemon 514, the report added.

Since the official banking system has already ditched marijuana dispensaries, Potcoin can function as a substitute. With a digitized system, dispensaries can become less likely to be robbed. In addition, transactions will also become more credible, the report explained.

The team behind Potcoin expressed that there are other cryptocurrencies for marijuana that are being developed. However, they are the only ones publicizing their efforts as of now. They believe that with the spotlight turned on them, the marijuana community can be better regulated, the report detailed.

The Potcoin developers are all startup founders who have already succeeded in growing their businesses, TechCrunch reported.