Provenance Blockchain and Axelar are joining forces to enhance connectivity across blockchains in the financial system. The partnership will be formally announced at the upcoming Real-World Summit in New York.
Provenance Blockchain is a leading decentralized blockchain designed for financial services, with over $8 billion in real-world assets (RWA) total value locked (TVL). Axelar is a top Web3 interoperability platform.
Experts predict the tokenized asset market will grow from $300 billion today to $16 trillion by 2030. Efficient cross-chain transfer of financial assets is needed. Interoperability enables seamless movement, trading, and connectivity of financial assets across platforms, markets, and institutions. This provides liquidity and access for investors.
The goal is to make financial assets readily available across blockchains. Connecting Provenance’s RWA-focused layer 1 blockchain with Axelar’s leading interoperability will link 49 chains.
Provenance has facilitated over $15 billion in on-chain financial transactions, serving 70+ global institutions and fintech like Apollo Management, Hamilton Lane, and Guaranteed Rate. It powers native use cases in finance like private equity funds, payments, loans, insurance, and trade finance.
According to Provenance CEO Anthony Moro, interoperability has fueled the modern blockchain-based financial movement. There was a need to connect all asset holders, buyers, and sellers across various marketplaces and chains. This enables asset transfer throughout Web3. Axelar is an expert in this.
Axelar is the largest Web3 interoperability platform, connecting public blockchains via a secure, programmable cross-chain network. The partnership will connect Provenance’s expanding on-chain RWAs to Web3 using Axelar’s developer tools and services built on its programmable platform. For example, Axelar’s General Message Passing enables cross-chain exposure for applications. Axelar’s consensus protocol involving 75 validators protects assets across chains.
According to Axelar co-founder Sergey Gorbunov, Web3 shouldn’t be limited to public blockchains. There are opportunities to overdeliver. Through this partnership, he aims to build an interoperable Web3 in traditional finance and provide a secure financial mechanism for all investor segments.
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