Former Genesis Frontman Peter Gabriel has hit the headlines recently after making an investment in Provenance, a blockchain startup company. His total investment has not been reported.
The English singer-songwriter is joining the bandwagon of investors such as Working Group Capital Fund, Digital Currency Group, Merian Ventures, and Plug and Play. The new investment is expected to expand the market visibility of U.K.-based Provenance’s products.
Provenance seeks to achieve improved transparency using blockchain technology in its food transportation business. By 2025, the company anticipates increasing its operations through blockchain-based application to over 1,000 food and beverage businesses from the funds invested by former British pop star.
Gabriel cited Provenance’s mission of trusting the source and distribution chain, specifically to guarantee that all things are created ethically and ecologically in the best possible way.
He noted he is convinced that what Provenance will provide, especially the blockchain data system, will play a vital role and be of good use to many people. This startup firm will also provide a level playing field for smaller, independent players as they compete with the existing businesses.
Two additions to Provenance’s roster of the board of directors are Alexsis de Raadt-St. James, founder and managing partner of Merian Ventures, and Chemain Sanan, a Partner at Working Capital. De Raadt-St. James will be the chairperson of the board of directors while Sanan will serve as a director.
Earlier, Barry Silbert, CEO of Digital Currency Group, noted Bitcoin has “hit the bottom for the year.” He is one of the investors of Provenance.
He said he has invested in Bitcoin during the past week. He cited it is an asset class and it is here to stay, stressing his 100% confidence in a decentralized, non-fiat form of money.