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Daily CryptoCann™ Report: Peter Gabriel invests in blockchain start-up; a drive-through dispensary blends convenience and anonymity

Last updated: 12:45 19 Jul 2018 EDT, First published: 11:59 19 Jul 2018 EDT

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The Genesis frontman is investing in a UK-based blockchain company

The Crypto Report

Mastercard Inc (NYSE:MA) is throwing its hat into the cryptocurrency ring.

The credit card titan has been granted a patent for a system to link blockchain-based assets to fiat currency accounts, according to a Bitcoin News report.

“There is a need to improve on the storage and processing of transactions that utilize blockchain currencies,” said the company in its patent filing.

The system, which is designed to allow users to pay with fiat currency on credit cards partly backed by cryptocurrency assets, would use a centralized system to offer faster transaction speeds.

Mastercard isn’t the only big name getting into blockchain.

READ: 360 Blockchain shares higher as it unveils augmented reality tie-up with Membit Inc

Former Genesis frontman Peter Gabriel has put his star power behind Provenance, a UK-based blockchain company.

The startup’s goal is to create transparency in food transportation and wants to set up a blockchain-based supply chain platform.

"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,” said Gabriel in a press release.

Working Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play have also invested in Provenance.

In other blockchain news, 360 Blockchain Inc’s (CNSX:CODE) media platform Pressland announced a collaboration with Membit Inc. The New York-based startup created an augmented reality photo-sharing app.

Shares of 360 Blockchain were up nearly 8% to C$0.07 in Thursday afternoon trading.

The Cann Report

Canadian cannabis company Tilray Inc (NASDAQ:TLRY) began trading Thursday on the Nasdaq.

The federally licensed cannabis cultivator priced its 9 million shares at US$17 each, above its initial price range between US$14 and US$16, raising around US$153mln in its initial public offering.

The British Columbia-based company cultivates and distributes pharmaceutical-grade cannabis products.

The capital raised from the IPO will be used to increase its production capacity and also be put towards future acquisitions.

READ: Canadian cannabis cultivator Tilray prices above range, raises US$153mln in US IPO

A marijuana dispensary in Washington state has just the thing for its on-the-go customers.

Joint Rivers in Auburn, Washington is offering a drive-through service.

While it is convenient, the delivery method also provides anonymity to its customers looking to shop with discretion.

"They can literally make their order online, come to the drive-through without anybody ever knowing they were on the premises,” said Audria Jaggers, the dispensary’s general manager, in a local news report.

The store opened across the street from the Muckleshoot Casino. Being on tribal land allowed the company to operate differently than other dispensaries in the area.

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