Verisart, the firm that certifies arts and collectibles through blockchain technology, has raised a whopping sum of $2.5 million in seed financing. The financing process was led by Galaxy Digital EOS VC Fund, along with a substantial investment from existing investors, including Sinai Ventures and Rhodium.
The funds’ pool will allow Verisart to scale up the operations of its reputed platform through expansion leading to a crucial contribution to the art niche. It will give a boost to the firm’s authentication products and engineering sphere while making it possible to offer an array of advanced services focused on artists, galleries, and collectors.
Robert Norton, the notable CEO of Verisart, quoted that:
With this new round of funding, we’re able to scale our business and ramp up our partnership integrations. The art world is quickly realizing that blockchain provides a new standard in provenance and record-keeping, and we’re looking forward to extending these services to the industry.
The authentication providing firm, Verisart, recently appointed Paul Duncan as the leading face of the engineering team. Paul has earlier worked as the founding CTO of Borro, the inline lending network for luxury assets. Other dignitary appointments are expected to be made shortly.
In 2015, Verisart became the first company to employ the merits of blockchain technology in benefitting the physical art and collectibles market. It renders artists to build digital certificates that scrutinize, verify, and also figure out the origin/ authenticity of a specific piece of art before getting stored on the Bitcoin blockchain.
Since its inception, Verisart has collaborated with notable stakeholders of the art industry, including eBay, Art Systems, and the Design and Artists Copyright Society (DACS). The firm has also associated its name with renowned artists, including Ai Wei Wei and Shepard Fairey, by certifying their works. Earlier this year, Verisart became the first-ever blockchain certification provider on Shopify through the Verisart Shopify app, which now serves more than 600,000 stores by offering them the facility for digital certification for their limited editions, artworks, and collectibles.
Verisart is also a founding member of the Arts Innovators Alliance, which works as an alliance of aspiring art businesses focused on revolutionizing the art field through innovation and technology.