Musicians have the resources to finance the things they support. Ordinary people try but often fail to have the required funding—which is why we tend to see celebrities investing in crypto and blockchain startups. The latest headline involving a celebrity moving into blockchain is as follows: Peter Gabriel invests in blockchain startup.
Peter Gabriel Invests in Blockchain Startup
You may remember Peter Gabriel as the former lead singer of Genesis, an English rock band formed in 1967.
Now, Gabriel, 68, is moving away from the music industry (so to speak) and into the blockchain industry. Specifically, according to a news release published on Wednesday, July 18th, Gabriel is investing in Provenance, a blockchain startup based in the United Kingdom.
It’s fitting that Gabriel has decided to invest in the technology, considering Genesis was a revolutionary, progressive band, and blockchain has a similar reputation.
Details on the Peter Gabriel Blockchain Investment
The news release didn’t provide a lot of detail, leaving a lot of questions unanswered. For instance, how much did Gabriel invest in Provenance? Perhaps we’ll get the answer to this question in the days to come, but for now, the figure remains unknown.
There are some things that we do know, though. First, Peter Gabriel has a tremendous amount of faith in Provenance.
In a statement, the English singer and humanitarian said that he is “convinced” that Provenance and the services it provides will “find a big role going forward” by “using [its] blockchain data system.”
Gabriel added that the service Provenance provides will “be of great use to the consumer,” and will provide an even “playing field for smaller, independent producers.”
Second, Gabriel isn’t the only one to invest in Provenance. Merian Ventures, Digital Currency Group, and Working Capital Fund have all invested as well, according to the news release.
So What is Provenance?
It’s all well and good to say that Provenance provides exceptional services, but do we know anything else about the blockchain startup? You bet!
Founded by Jessi Baker, Provenance aims to transform supply chain transparency. Specifically, since 2013, Provenance has been trying to create transparency in food transportation.
In the Wednesday press release, Provenance said that it plans to use its funding, and Peter Gabriel’s help, to build a supply chain platform that is entirely blockchain-based. By 2025, the platform will, says Provenance, be live and have more than 1,000 clients.
Peter Gabriel is not the only musician to get involved in the crypto and blockchain industry this year. Even those who aren’t investing in startups are showing their support to the sectors.
For example, at Consensus 2018, Snoop Dogg performed at the XRP Community Night.
Back in January, Katy Perry posted a photo on Instagram showing off her manicure, which happened to be crypto-themed. She called them her “crypto claws.”
There are other well-known figures moving into the sector too. In June, reports surfaced that Steve Bannon was transitioning into the crypto sector.
Peter Gabriel invests in blockchain startup Provenance, but was it a smart move? I’d argue that it was—if he were investing in a crypto startup, it might have been a different story, though. But because blockchain is thought to succeed crypto in the future, Gabriel probably chose the right industry out of the two.
What do you think?
Featured Image: Twitter