ProvLabs, a provider of blockchain infrastructure technology solutions that enable real-world assets to be deployed at scale, announced it has completed a seed round fundraising and carve-out from 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. And other investors in ProvLabs include Figure Assets and the Provenance Blockchain Foundation.
This funding round drives continued development of ProvLabs’ suite of services: ProvConnect links enterprises, fintech companies, and individuals to Provenance Blockchain; Asset Manager tokenizes and manages the lifecycle of any digital asset; and BlockVault integrates on 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 public Layer 1 blockchain network as measured by real-world assets. The network’s success is derived from the fact that it is the only major public blockchain purpose-built for financial services applications, making asset deployment cheaper, faster, and safer. Provenance Blockchain has $13 billion of financial asset value locked on-chain and has supported more than $40 billion in total transactions.
KEY QUOTES:
“ProvLabs’ opportunity is predicated on two facts: First, the global financial markets will tokenize several trillions of dollars of real world assets over the next decade. And second, asset issuers and servicers will need a material amount of guidance and tooling to manage the transition. Financial institutions of all sizes understand they need to integrate blockchain technology to build more efficient operations, and ProvLabs is perfectly positioned to help.”
- Anthony Moro, Chief Executive Officer of ProvLabs
“Over the past several years Figure Technology Services and Figure Markets built industry-defining businesses on Provenance Blockchain. ProvLabs was launched to help a wide range of innovative firms fast follow in our footsteps and unlock significant competitive advantages for their businesses.”
- Mike Cagney, CEO of Figure Markets and member of ProvLabs’ board of directors
“Blockchain technology is driving the next generation of financial innovation. We are at the beginning of a seismic shift in financial markets as real world assets make their way on-chain. We believe ProvLabs is at the forefront of this innovation and we are thrilled to support their development.”
- Dr. Sachin Jaitly, General Partner of Morgan Creek Digital and member of ProvLabs’ board of directors
