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Verofax, a Blockchain Traceability Service Company, Completes US $750,000 Financing

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It is reported that Verofax, a blockchain traceability service company, announced the completion of a US $750000 financing, which was carried out through Beban…

Verofax, a Blockchain Traceability Service Company, Completes US $750,000 Financing

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

Interpretation of the news:


Verofax, a blockchain traceability service company, recently announced the completion of a US $750,000 financing round through Beban Crowdfunding, which is a crowdfunding platform licensed and supervised by the Central Bank of Bahrain. This is a significant accomplishment for Verofax, a start-up company that leverages the power of blockchain and artificial intelligence to build innovative traceability services.

In simple terms, Verofax aims to help brands ensure supply chain compliance and sustainability. Blockchain technology is particularly useful in the realm of supply chain management, as it enables transparent and secure sharing of information between different parties involved in the supply chain. Verofax leverages this technology to create a tamper-proof record of all supply chain activities.

With the help of Verofax’s traceability services, brands can track their products from the point of origin all the way to the end consumer. This ensures that products are ethically and sustainably produced, transported, and sold. Verofax’s services can help brands comply with various international regulations concerning sustainability, labor practices, and environmental impacts.

It is interesting to note that Verofax has already completed an undisclosed amount of pre-seed round financing in 2020. This indicates that the company has been steadily attracting investor interest in its innovative solutions. The recent financing round will likely enable Verofax to scale its operations and reach a wider customer base.

The fact that Verofax chose to carry out its financing round through a licensed and supervised crowdfunding platform is also significant. This shows that the company is committed to complying with regulatory requirements and building a sustainable business model. It also demonstrates that blockchain technology can be used to create innovative financing solutions that are accessible to a wide range of investors.

Overall, Verofax’s successful financing round is a positive development for the blockchain and sustainability sectors. As more and more companies seek to improve their sustainability practices and comply with ethical regulations, there will likely be increasing demand for blockchain-based traceability services like the ones offered by Verofax.

In conclusion, the completion of US $750,000 financing by Verofax is a step towards building innovative traceability services that can ensure supply chain compliance and sustainability. The company’s use of blockchain and artificial intelligence technologies is commendable, and it is expected that with this recent financing, Verofax will scale up its technology to provide a wider range of industries with transparent supply chain solutions.

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