Late this summer, a former Miss Iowa and rapper The Game did what models and hip-hop stars apparently do these days: They launched a new cryptocurrency they hope will one day be used to buy and sell all things cannabis.
On Sept. 15, the founders of ParagonCoin—Jessica Versteeg, who was Miss Iowa in 2014, and her husband, Russian millionaire Egor Lavrov—began offering $100 million worth of ParagonCoins at $1 apiece. Even before the ICO (initial coin offering, when a cryptocurrency is first put up for sale) the company had raised a cool $25 million from investors.
Not that ParagonCoin was the first to have the idea. It wasn’t even the first to target cannabis. Since Bitcoin came out of obscurity around 2010, at least eight cryptocurrencies have emerged with the aim of serving the cannabis economy, a market largely cut off from traditional banking.
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