Home News Corona, Budweiser Owner’s Investment Arm Backs Blockchain ID Startup

Corona, Budweiser Owner’s Investment Arm Backs Blockchain ID Startup

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United States-based blockchain identity startup BanQu introduced that it closed an extension of its collection A funding spherical led by multinational drinks and brewing firm Anheuser-Busch InBev’s investment arm. The improvement was introduced in a post on June 6.

Per the announcement, the undisclosed quantity of funds have been raised by ZX Venture to permit BanQu to proceed the event of its supply chain transparency and traceability, and proceed its geographic enlargement. Crunchbase estimates the annual income of the funding firm — which owns the Budweiser, Corona, Leffe and Becks beer manufacturers — to be $22.1 billion.

The startup in query claims to have created the primary and solely non-cryptocurrency blockchain “to help lift people out of extreme poverty by connecting them to the global supply chains that they participate in.” Tony Milikin, chief sustainability and procurement officer at AB InBev, commented on the partnership with BanQu:

“Together, we’re working to enhance entry to fashionable banking for 1000’s of farmers in underserved rural markets, driving inclusive development and contributing to our personal 2025 Sustainability Goal in addition to the UN’s Sustainable Development Goals.”

Furthermore, the startup claims that the funds will maintain its presence in Africa, Asia and Latin America. BanQu reportedly operates in 12 nations, together with Costa Rica, India, Indonesia, Jordan, Malawi, Somalia, South Africa, Syria, Uganda, the United States and Zambia, and has plans to broaden to China and Mexico later this 12 months. Maisie Devine, world director for the 100+ Accelerator at AB InBev, declared:

“Over the last year, we have implemented the BanQu platform with over 4,000 of our direct farmers in Zambia, Uganda and India.”

As Cointelegraph reported in August 2018, BanQu helps refugees, the displaced and the world’s poorest people set up an financial id on the blockchain.

A latest Cointelegraph analysis examined how software program big Microsoft lately offered a decentralized identity community constructed atop of the bitcoin community with the intention of letting customers take management over their private information and content material.

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