ProvLabs, a provider of blockchain infrastructure technology solutions that enable real-world assets to be deployed at scale, announced that it has completed a seed fundraising round and carve-out with the Provenance Blockchain Foundation.
ProvLabs’ initial funding round was led by Morgan Creek Digital and GateCap Ventures with participation from Animoca Brands, BlockChange Ventures, CMT Digital, Medalist Partners, Serengeti Asset Management, The Operating Group, Thirdstream Partners and Walden Bridge Capital. Other investors in ProvLabs include Figure Assets and the Provenance Blockchain Foundation.
This funding round spurs the continued development of ProvLabs’ suite of services: ProvConnect connects businesses, fintech companies and individuals to Provenance Blockchain; Asset Manager tokenizes and manages the life cycle of any digital asset; and BlockVault integrates on-chain and off-chain protected data rooms for sensitive information, and Trade and Transfer enables settlement, collateralization and exchange. And these services power frictionless blockchain environments for a wide range of use cases, from financial services to AI authentication.
Provenance Blockchain is a leading Layer 1 public blockchain network as measured by real-world assets. The network’s success comes from being the only major public blockchain purpose-built for financial services applications, making asset deployment cheaper, faster, and more secure. Provenance Blockchain has $13 billion worth of financial assets locked on-chain and has supported over $40 billion in total transactions.
KEY QUOTES:
“The ProvLabs opportunity rests on two facts: First, global financial markets will represent several trillion dollars of real assets over the next decade. Second, issuers and asset managers will need a significant amount of guidance and tools to manage the transition. Financial institutions of all sizes understand that they need to integrate blockchain technology to build more efficient operations, and ProvLabs is perfectly positioned to help them.
- Anthony Moro, CEO of ProvLabs
“Over the past several years, Figure Technology Services and Figure Markets have created industry-defining companies on Provenance Blockchain. ProvLabs was launched to help a wide range of innovative companies quickly follow in our footsteps and unlock significant competitive advantages for their businesses.
- Mike Cagney, CEO of Figure Markets and Board Member of ProvLabs
“Blockchain technology is driving the next generation of financial innovation. We are at the start of a seismic shift in financial markets as real-world assets make their way onto the chain. We believe ProvLabs is at the forefront of this innovation and we are excited to support their development.
- Dr. Sachin Jaitly, General Partner of Morgan Creek Digital and Board Member of ProvLabs
