GM Financial, Spring Labs Join Forces For Blockchain Development

Announcements, Blockchain, Innovation | February 11, 2019 By:

GM Financial and Los Angeles blockchain company Spring Labs will partner on new product development.

The leasing, financing, and lending arm of General Motors, GM Financial  will join the Spring Founding Industry Partners Program to help develop blockchain products. The first issues are expected in the first six months of this year.

“We came together with the view that we could develop a series of use cases that would match some of [GM Financial’s] core business priorities as a lender, or potentially [those of] GM as a parent company,” Spring Labs CEO Adam Jiwan said to Forbes magazine.

Spring Labs raised $15 million in a seed round, while General Motors is also part of Hyperledger, which is working to develop open source blockchains.