Provenance Blockchain was created in 2018 by Mike Cagney. and June Ou. They are an open-source, public, decentralized blockchain in the Cosmos network and leverages Tenderment proof-of-stake consensus. The native utility token of Provenance is HASH.
They are specifically for financial services, citing a number of real-world assets being managed and transacted on this company, including assets from Apollo Global Management, Hamilton Lane, Morgan Creek, Movement Mortgage, Guaranteed Rate, Homebridge, Synergy One, USDF Consortium Banks, Figure, and New York Community Bancorp.
As of February 2023, there was a $9.4B total locked value (TVL) on this company. According to DeFiLlama, They are the second largest blockchain based on total locked value.
They are supported by the Provenance Blockchain Foundation, a non-for-profit. The CEO of Provenance Blockchain Foundation is Morgan McKenney, who joined in March of 2022. Dan Garzia joined as CMO in September of 2022 to lead marketing for the Foundation.
The network was constructed specifically to cater to the heavily regulated financial services industry. Previously a permissioned blockchain, Provenance is now a public, open-source, decentralized layer-1 blockchain.
In July 2021, Apollo, a $513 billion global alternative asset manager, announced it would collaborate with Figure to develop blockchain applications on Provenance through projects such as an on-chain fund listing, asset securitization and digital marketplaces.
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