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General Motors Leads $23M Funding Round for Spring Labs Blockchain Firm

United States-based blockchain startup Spring Labs has raised $23 million in a Seed A funding round, according to a press release on June 12.

Spring Labs will purportedly use the funds to improve its blockchain-based platform Spring Protocol and develop three new fraud protection products that are designed to combat fraud in the auto financing sector.

According to the press release, the new products are Spring Verify, Spring Defense, and Spring Protect, which are designed for identity verification, fraud monitoring/mitigation, and loan stacking prevention, respectively.

The products will purportedly provide information to lenders anonymously, for the purpose of financing activities such as unsecured consumer lending, small business lending, credit card issuance, and secured auto lending.

Read more at CoinTelegraph


#Blockchain


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