Blockchain
tokenproof Raises $5M in Seed Funding, Led by Penny Jar Capital, to Bring Safety & Utility to NFTs
tokenproof, an easy and secure way to unlock the value of Non-Fungible Tokens (NFTs), announced it raised a $5M round of seed-funding led by Penny Jar Capital, with participation from Corazon Capital, 6th Man Ventures, Canonical Crypto, and prominent angels including Sebastien Borget, Mark Cuban, Keith Grossman, and Patricio Worthalter. tokenproof lets owners enjoy the benefits of their NFTs without putting them at risk, while also making it easy for companies to leverage tokens as an extension of their brand – whether in the real world or online.
With an increasing number of big brands entering the space, the NFT market is expected to grow by $147B over the next five years, according to a July 2022 report from Technavio. However, using NFTs comes with substantial risks for users, and logistical challenges for brands. That’s because to unlock the value of an NFT, a user typically has to connect their digital wallet to use their tokens, exposing not just the required NFT, but all other assets in the wallet. tokenproof removes this risk by creating credentials that serve as proof of ownership of a digital wallet and its assets.
“Eliminating the unnecessary risk of connecting or carrying a digital wallet is crucial for mainstream use of NFTs,” said Alfonso (Fonz) Olvera, Founder and CEO of tokenproof. “We are dedicated to delivering the security and privacy users deserve while making it seamless for companies to unlock the possibilities of NFTs and connect with people in compelling and creative ways.”
After a one-time verification of a user’s digital wallet, tokenproof issues a proof of ownership credential, while the actual wallet remains securely disconnected. The tokenproof mobile app creates dynamic QR codes to authenticate and unlock the value of NFTs; whether that’s access to an invite-only event, a membership benefit, or a retail experience – in the real world or online. Companies using tokenproof for verification can customize the experience with flexible authentication rules, such as VIP access, discounts, or exclusive content.
At this year’s NFT NYC, the leading non-fungible token conference, tokenproof powered over 75 events, including the Bored Ape Yacht Club’s ApeFest, delivering a frictionless experience for both attendees and hosting companies, and establishing tokenproof as the go-to ticketing solution in Web3.
“The tokenproof team were amazing partners and a joy to work with,” said Kerem Atalay (EmperorTomatoKetchup), co-founder of Yuga Labs. “Stoked to see where they’re headed from here and can’t wait to work with them again.”
The funding follows the company’s success at both physical and virtual events and will fuel the expansion of additional use cases for NFT verification, including online services, and retail experiences.
“We believe NFTs will transform how brands connect with customers, but only with seamless on-ramping and greater security,” said Bryant Barr, co-founder of Penny Jar Capital. “Fonz and team are solving this massive Web3 problem by creating a safe way to realize the value and benefits of NFT ownership.”
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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