According to ChainCatcher, the maritime economy tokenization protocol Shipfinex announced the completion of a $1.5 million seed round of financing, led by Gaurav Mehta, Chairman of Best Oasis Limited and SPM Shipping DMCC, and participated by Vivek Seth, Senior Vice President of ADNOC Logistics & Services, and Yasovardhan Chinn, founder of Nanlian Ship Management LLC. The specific valuation information has not been disclosed yet.
The new funds will support its efforts to democratize maritime finance by enabling fractional ownership of maritime assets through blockchain, as well as develop a secure and compliant Maritime Asset Token (MAT) marketplace in collaboration with the Dubai Virtual Asset Regulatory Authority (VARA) for regulation.
According to RootData, a Web3 asset data platform, ShipFinex is tokenizing the maritime economy by providing retail and institutional investors with the convenience of buying, trading, selling and owning fractional shares of maritime assets. With a secure infrastructure layer, ShipFinex is solving the problems of the ship finance ecosystem through the underlying blockchain technology and integrating the concepts of real-world asset tokenization and fractional ownership.