Verofax Raises US $750,000 Through Beban Crowdfunding for Innovative Blockchain Traceability Services

03/05/2023 11:30 • Digital Disruptors • 114 views

It is reported that Verofax, a blockchain traceability service company, announced the completion of a US $750000 financing, which was carried out through Beban Crowdfunding, a crowdfunding platform licensed and supervised by the Central Bank of Bahrain. Verofax is a start-up company that applies blockchain to build innovative traceability services. It uses blockchain and artificial intelligence technologies to help brands ensure supply chain compliance and sustainability. The company completed an undisclosed amount of pre-seed round financing in 2020. （benzinga）

Verofax, a blockchain traceability service company, completed a US $750000 financing

Analysis based on this information:

Verofax, a blockchain traceability service company, has announced the successful completion of a US $750,000 financing round through Beban Crowdfunding, a crowdfunding platform licensed and supervised by the Central Bank of Bahrain. This latest financing builds on the undisclosed amount of pre-seed round financing that Verofax secured in 2020.

Verofax has made significant strides in utilizing blockchain technology and artificial intelligence to solve traceability challenges. The company helps brands ensure compliance and sustainability, creating innovative traceability services that set them apart from other companies. This focus on innovative solutions seems to have garnered the attention of investors, who invested in the company through Beban Crowdfunding’s platform.

The blockchain technology that Verofax employs in building their traceability services allows for the creation of secure, tamper-proof records that are impossible to alter, making it more difficult for bad actors to manipulate the data. By using blockchain to establish a transparent, secure system, Verofax is ensuring that participants operating along the supply chain have access to trustworthy, accurate data. This transparency will, in turn, allow brands to establish trust with their customers, increase customer loyalty, and improve overall supply chain compliance.

Additionally, Verofax’s use of artificial intelligence in tandem with blockchain technology shows its dedication to staying on the cutting edge of technological advancements. The integration of these two complementary technologies allows for faster and more efficient processing of data, and improved decision-making, driving Verofax’s commitment to traceability and transparency forward.

Finally, the company’s successful financing through Beban Crowdfunding, a platform licensed and supervised by the Central Bank of Bahrain, shows a growing trend of blockchain-based start-ups gaining recognition from government entities in the Gulf region. This type of support demonstrates a deep belief in the power of blockchain technology to revamp supply chains, improve transparency, and strengthen trust in marketplaces.

In conclusion, Verofax’s financing of US $750,000 through Beban Crowdfunding highlights the continued investment in blockchain start-ups, the potential of blockchain technology and artificial intelligence use, and the increasing adoption of blockchain-based solutions in the Gulf region.

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