The American automobile giant General Motors is leading the $23 million seed funding round for blockchain start-up Spring Labs. Commenting on the participation from General Motors, Adam Jiwan, CEO and Co-Founder of Spring Labs said,
We're excited to expand our relationship with GM Financial, which has demonstrated its commitment to innovation and collaboration over the past year, playing an active role in the evaluation of products and use cases on the Spring Protocol.
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Jiwan further added that the funding would enable Spring Labs to accelerate the development of new products as well as the Spring Protocol. The initial blockchain based products to come out of the funding will Spring Verify, which would enhance identity verification, Spring Protect, focused at preventing loan stacking, and Spring Defence m, which will help in monitoring and mitigation.