360 Blockchain Inc (CNSX:CODE) has closed its previously announced acquisition of media directory and website Pressland, which will be relaunched as a blockchain-powered platform aimed at fighting "fake news".
360 is buying the tech platform from Chaotic Neutral by issuing 2mln company shares at 7.4 cents and it will provide C$250,000 of initial working capital.
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Under the re-launch, 360 hopes to achieve several new revenue streams, including SaaS products that can be licensed to the likes of Facebook Inc (NASDAQ:FB), Twitter (NASDAQ:TWTR) and other social media platforms.
The idea is that it will give them reliable solutions for debunking fake news and verifying news sources.
Also planned are white-label products for platforms and media companies which prefer to maintain their own branding when offering Pressland's services to their members.
"Before fake news was a household term, Pressland was already in the business of media transparency," said George Tsafalas, 360's president.
"Today, thanks to the innovative power of blockchain technology - and utilising 360's expertise and resources - we have the unique opportunity to expand Pressland's original mission to that of rebuilding trust in media on an enterprise level."
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Pressland is already a fundamentally good idea that's been popular with media professionals," added Jeff Koyen - 360' strategic advisor.
"But now that blockchain technology is more accessible and market proven, it's an exciting time to re-envision Pressland as a global platform that sits as the cornerstone in the fight against fake news."
Pressland plans to issue its own transactional currency in the form of a blockchain-based cryptographic token.
360 will hold a portion of this currency in reserve.
Access to Pressland's data via the Web and mobile apps will be free for the general public.
Pressland was launched in 2015 as “Yelp for Media”, a crowd-sourced directory of nearly 20,000 media outlets and professionals.
Shares were unchanged in Toronto at C$ 0.10.