Former Genesis Superstar Peter Gabriel Invests in Provenance Startup
Genesis, the iconic rock band, has seen former member and rock legend Peter Gabriel make his debut into the cryptocurrency scene by invest in a startup called Provenance. As of now, he’s the latest iconic figure to back a blockchain and crypto startup.
Provenance, a startup based in the UK is currently developing a system designed to trace materials and products through DLT to provide more transparency for supply chains. Provenance supports Ethereum’s blockchain to trace food sold publically to its original seller.
Last year, the company managed to generate $800K in a funding round including many big-name investors. Among them were Humanity United, Plug and Play and many more. The funds collected from these investors are meant to begin launching its platform services. The latest round of funding was supported by Chemain Saan, one of the startup’s board member.
Many of the companies also spoke about transparency and its importance, saying that users must develop trust towards the food supply chain, stating that ensure the quality and ethics behind the food and its production. Peter is one of the many celebrities to join in on crypt and blockchain lately, and despite his lack of an ICO introduction into the scene, the total funding behind Provenance has not been released.
After Floyd Mayweather and DJ Khaled, two iconic figures in their respective fields were criticized after advertising and initial coin offering later discovered to be a scam. As a result, many celebrities are now more aware and careful in how they invest in initial coin offers.
Many companies have promoted false advertising as a means of collecting funds easily. Centra Tech, another startup, was also involved in a scam containing thousands of investors and providing misleading information regarding their products.
The US Securities and Exchange Commission has stated that both Mayweather and Dj Khaled were forced to hand over any revenue for the ICO’s promotion. No information regarding charges pressed against both of them has been released.