Blockchain infrastructure technology company completes carve-out from Provenance Blockchain Foundation.  

ProvLabs provides APIs and SaaS services that enable financial services firms to deploy digital assets at scale on Provenance Blockchain, the world’s largest real-world asset Layer 1 blockchain.

ProvLabs, a provider of blockchain infrastructure technology solutions that enable real-world assets to be deployed at scale, today announced it has completed its 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. Other investors in ProvLabs include Figure Assets and the Provenance Blockchain Foundation. 

“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.” said Anthony Moro, Chief Executive Officer of ProvLabs. “Financial institutions of all sizes understand they need to integrate blockchain technology to build more efficient operations, and ProvLabs is perfectly positioned to help.”  

This funding round drives continued development of ProvLabs’ cutting-edge suite of services: ProvConnect connects enterprises, fintechs, and individuals to Provenance Blockchain, Asset Manager tokenizes and manages the lifecycle of any digital asset, BlockVault integrates on and off chain protected data rooms for sensitive information, and Trade and Transfer enables settlement, collateralization, and exchange.  These services power frictionless blockchain environments for a wide range of use cases from financial services to AI authentication.

“Over the past several years Figure Technology Services and Figure Markets built industry-defining businesses on Provenance Blockchain,” said Mike Cagney, CEO of Figure Markets and member of ProvLabs’ board of directors.  “ProvLabs was launched to help a wide range of innovative firms fast follow in our footsteps and unlock significant competitive advantages for their businesses.” 

“Blockchain technology is driving the next generation of financial innovation,” says Dr. Sachin Jaitly, General Partner of Morgan Creek Digital and member of ProvLabs’ board of directors. “We are at the beginning of a seismic shift in financial markets as real world assets make theirway on-chain. We believe ProvLabs is at the forefront of this innovation and we are thrilled to support their development.”

Provenance Blockchain is the world’s largest 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.

Source: Provenance