Provenance Blockchain has announced a partnership with Axelar aimed at enhancing blockchain connectivity within the financial sector. The official announcement of this collaboration is scheduled to take place at the Real-World Summit in New York. Provenance Blockchain stands as a leading decentralized blockchain tailored for financial services, boasting over $8 billion in total value locked (TVL) for real-time financial assets (RWA). In contrast, Axelar is recognized as a top-tier Web3 interoperability platform.

Forecasts suggest that the tokenized asset market could surge to $16 trillion by 2030, a substantial increase from its current $300 billion valuation. The critical need of the hour is an efficient mechanism for facilitating cross-chain transfers of financial assets. Interoperability is essential for financial assets to enable seamless and efficient movement, trading, and connectivity across various platforms, markets, and financial institutions, thereby enhancing liquidity and accessibility for investors and market participants.

The partnership between Provenance Blockchain and Axelar aims to achieve the seamless availability of financial assets across multiple blockchains. This integration between the layer 1 blockchain for RWAs and the leading blockchain interoperability platform will bridge 49 chains.

Provenance Blockchain has a track record of facilitating over $15 billion in on-chain financial transactions involving more than 70 international institutions and leading fintech companies like Apollo Management, Hamilton Lane, Guaranteed Rate, and others. Within the financial sector, Provenance Blockchain hosts numerous native and operational use cases, including private equity funds, payments, loans, insurance, and trade finance.

According to Anthony Moro, CEO of the Provenance Blockchain Foundation, interoperability has played a pivotal role in the evolution of modern blockchain-based finance. There has been a pressing need for seamless connectivity among asset holders, buyers, and merchants across various marketplaces and leading blockchains, facilitating asset transfers across Web3—a domain where Axelar specializes.

Axelar, being the largest Web3 interoperability platform, connects multiple public blockchains through a secure, programmable cross-chain network. Through the partnership with Provenance Blockchain, Axelar will enable the connection of Provenance Blockchain's expanding on-chain RWAs to Web3 using its cross-chain platform and developer tools. Axelar offers General Message Passing (GMP) to provide applications with the necessary cross-chain exposure while safeguarding cross-chain assets and enabling the upgradability of cross-chain applications through a set of 75 authenticators leveraging a proof-of-stake protocol.

Sergey Gorbunov, co-founder of Axelar, emphasizes the potential to exceed expectations by not confining Web3 to public blockchains. Through the collaboration with Provenance Blockchain, he aims to establish an interoperable Web3 within traditional finance, providing authenticated and robust financial mechanisms to users across various investment segments.