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‘Sledgehammer’ singer Peter Gabriel invests in crypto company, Provenance

Akash Anand

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'Sledgehammer' singer Peter Gabriel invests in crypto company, Provenance
Source: Unsplash

On 18th July, British startup Provenance received additional funds from legendary musician Peter Gabriel, the lead for the band Genesis. Provenance is a blockchain technology company which is based on the supply chain industry, the company also received funds from Working Capital Fund, Digital Currency Group, Merian Ventures, and Plug and Play.

Jesse Baker, the CEO of Provenance said:

“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.”

The company has stated that it has multiple goals on its vision board. One of the primary targets that the company has given itself is to conduct a roll out of blockchain based solutions to over a thousand food and beverage businesses across the sector.



Peter Gabriel is the founding member of the band, Genesis which had released a slew of hits from their side. He has been into social work since he founded Witness.org and Elders.org which aims to form a club of a respected group of leaders with a vision to make the world a better place. He was quoted as saying that:

 “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.”

He has also been involved in Ctrlio, a company that was involved in price comparisons. The new members in the Provenance board of directors include Alexisis de Raadt. James who is the founder of Merian Ventures. Chemian Sanan, a Working Capital partner will also join the Provenance board of directors.





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Altcoins

FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer

Priya

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Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,



“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”





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