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Daily CryptoCann™ Report: Barclays files two crypto patents; VR headset brings to life a virtual dispensary

Published: 12:18 20 Jul 2018 EDT

VR headset
The Weed VR app allows users to view a virtual cannabis library through a VR headset

The Crypto Report

Mega bank Barclays PLC (NYSE:BCS) is over 300 years old. For perspective, the bank was founded in London in 1896 while Oscar Wilde and Sir Arthur Conan Doyle were still living.

The UK-based bank is moving into the 21st century, filing two cryptocurrency-related patents with the United States Patent and Trademark Office this week, according to a Bitcoin news report.

The patents filed detail a method for securely transferring digital currency and a method of recording data in a ledger.

In March, popular cryptocurrency exchange Coinbase revealed that it had opened an account with the legacy bank.

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

In other crypto news, Fortune’s “40 Under 40” list includes five famous faces in the cryptosphere, according to a Coin Telegraph report.

Ethereum co-founder Vitalik Buterin, 24, was ranked 22nd on the list, appearing for the third year in a row.

Coinbase CEO Brian Armstrong, 34, ranked 20th on the list, making the cut for the second time.

Pavel Durov, 33, the man behind the encrypted chat app Telegram, came in 25th place in his first appearance on the list.

Vlad Tenev, 31, and Baiji Bhatt, 33, landed in 24th place. The two Stanford graduates set up Robinhood, the zero-fee crypto trading platform.

The Cann Report

Pennsylvania legalized medical marijuana back in 2016. A state auditor foresees a half-billion dollars in revenue if marijuana was fully legalized and taxed at around 35%.

Auditor General Eugene DePasquale estimated the retail market to be about US$1.7bn, according to a local ABC news report.

His analysis estimates that there are around 800,000 regular users in the state with adult users spending around US$2,100 per year on marijuana.

Additionally, 21,000 adults in the state were charged with low-level marijuana offenses last year.

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

As regulations ease up north, Canadian cannabis companies are coming up with innovative ways to serve their customers.

Occupied VR, a Toronto-based company, created a virtual cannabis dispensary known as Weed VR. The company was then acquired by Biome Grow, a Nova Scotia-based cannabis producer.

The app allows customers to take a look at a virtual library of cannabis strains through a VR headset, according to a report by VR Focus.

When examining a virtual cannabis strain, users will see information about the product such as scent and taste profiles.

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