Shares in 360 Blockchain Inc (CNSX:CODE) advanced more than 7% as its media platform Pressland announced a commercial tie-up with New York start-up Membit Inc.
Membit is behind the augmented reality (AR) photo-sharing app, which allows users to place original content very precisely anywhere in the world without using markers.
It will licence Pressland's data to help verify original journalism produced on its platform.
"Augmented reality is one of the most exciting, fastest-growing sectors in tech and its applications for media and journalism are only starting to be realised," said Pressland's founder and chief executive Jeff Koyen.
"We're thrilled that Pressland's verified directory of working journalists will contribute to Membit's ongoing innovation in this space."
Membit's founder and CEO Jay Van Buren added: "Our app is ideally suited for enterprising journalists who want to offer more in-depth reporting to their audiences.
"By incorporating Pressland's data into the app itself, we can allow our users to evaluate the reporters' reputations to be sure they're getting information from someone they trust."
The two are also in talks, it emerged, to jointly build a commercially available app that uses Membit's patented AR technology and Pressland's data to help journalists validate and verify their reporting in the field, which is being earmarked for potentially a release early next year.
Financial terms not known
Financial terms of today's partnership and the app development deal have not yet been set.
Planned licensing fees are expected to be based on metered access to Pressland's API (application programming interface). As part of the deal, Koyen will join Membit's advisory board in a non-compensatory role.
Founded as "Yelp for Media" in 2014, 360 Blockchain says Pressland is relaunching this year as a blockchain-powered enterprise platform dedicated to fighting false news and misinformation.
Shares in 360 Blockchain added 7.69% to C$0.070.