English pop legend Peter Gabriel has joined a group of investors to invest in a UK-based blockchain startup known as Provenance. The goal of the crypto startup is to bring greater transparency to food technology by utilizing blockchain technology.
The former Genesis frontman’s investment will help Provenance achieve its goal to expand their products and use its blockchain-powered supply chain platform to more than 1,000 food and drink businesses by 2025.
Improving lives through blockchain technology
As Provenance’s CEO, Jessi Baker, said in a press statement:
“Our mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce. This funding will help us develop our tools to meet the business need for more trustworthy supply chains whilst empowering shoppers to make a positive impact.”
Peter Gabriel endorsed Provenance and said he expects the cryptocurrency company to do well, commenting:
“We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way. I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players.”
In 2017, the UK-based blockchain startup raised $800,000 in seed funding.
While this is the first time the pop icon will be investing in a blockchain-focused company, Gabriel has invested in several other startups, including the marketing firm Ctrlio.
Growing list of musicians endorse cryptocurrency
The Genesis star is certainly not the first musician to endorse the expanding crypto market.
In 2017, Monero, the ninth largest cryptocurrency, with a market capitalization of $3.5 billion, announced 45 musicians, including Dolly Parton, Morrissey, G-Eazy and the B-52s, will accept the virtual coin to provide discounts for anyone paying in the cryptocurrency.
Rap star G-Eazy spoke of the importance of giving consumers the choice to purchase in digital coinage, stating:
“As cryptocurrencies become more popular, it’s important that my fans have choice when it comes to how they buy my songs and merchandise.”
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.