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ProvLabs Secures Seed Funding for Blockchain Innovation

ProvLabs, a pioneer in blockchain infrastructure technology, has recently announced the successful closure of its seed funding round, marking a significant step forward in its mission to enable real-world assets to be deployed at scale. The company has completed a carve-out from the Provenance Blockchain Foundation and is now poised to enhance its offerings in the financial services sector.

The funding round was spearheaded by prominent investors, including Morgan Creek Digital and GateCap Ventures, with enthusiastic participation from known names like Animoca Brands, BlockChange Ventures, CMT Digital, Medalist Partners, Serengeti Asset Management, The Operating Group, Thirdstream Partners, and Walden Bridge Capital. Additionally, investors like Figure Assets and the Provenance Blockchain Foundation have also committed to the vision of ProvLabs.

At the heart of ProvLabs' innovations are its APIs and Software as a Service (SaaS) solutions designed specifically for financial services firms. These solutions enable the deployment of digital assets on the Provenance Blockchain—recognized as the world's largest Layer 1 blockchain infrastructure for real-world assets. ProvLabs’ core offerings include ProvConnect, which links enterprises, fintechs, and individuals to the Provenance Blockchain, and Asset Manager, which efficiently tokenizes and oversees the lifecycle of digital assets. Other notable services include BlockVault, which manages encrypted data rooms for sensitive information, and Trade and Transfer, which facilitates settlement, collateralization, and asset exchange.

Anthony Moro, CEO of ProvLabs, underscored the pivotal opportunity the company is seizing, saying, “The future of the global financial market is leaning toward the tokenization of trillions of dollars in real-world assets over the next decade. However, as financial institutions transition, they will require substantial guidance and tools to navigate this shift.” Moro added that institutions across the spectrum recognize the necessity of integrating blockchain technology to enhance operational efficiency, positioning ProvLabs to provide essential support.

The buzz surrounding ProvLabs is palpable not just in financial circles but also within the tech community, as blockchain technology emerges as a catalyst for the next wave of financial innovations. Dr. Sachin Jaitly, General Partner of Morgan Creek Digital and ProvLabs board member, echoed this sentiment, stating, “We are on the brink of a major transformation in financial markets with the advent of real-world assets on-chain. ProvLabs is well-positioned to lead this charge.”

The Provenance Blockchain has already seen significant traction, with $13 billion in financial asset value locked on its platform and more than $40 billion in total transactions executed. This success is attributed to its unique positioning as the only major public blockchain explicitly designed for financial services applications, enabling higher efficiency and security in asset deployment.

As ProvLabs continues to develop its suite of blockchain solutions, it aims to empower an array of firms to gain competitive advantages in the evolving digital landscape. Through its innovative services, ProvLabs is set to redefine the integration of blockchain technology in the financial ecosystem, helping bring businesses into the new age of digital asset management.

To get acquainted with ProvLabs and learn more about its transformative offerings in the financial services industry, visit provlabs.io.