Provenance, a blockchain technology services provider, recently secured $20 million in a funding round led by both blockchain and traditional technology investors to accelerate the development and expansion of its ecosystem. Established by Figure Technologies, Provenance.io is a fintech company that provides blockchain services to the financial services industry.
Provenance leverages the security, efficiencies, and cost advantage of blockchain for loan origination, financing, and sales. The company claims that it holds a diverse set of financial institutions, banks, and dealers are active on its blockchain platform.
“This is a seminal moment for the blockchain industry in financial services,” said Sheila Bair, former Chairwoman of the Figure Technologies. “Provenance.io has the potential to bring massive improvements to the industry, across asset originators, the buy and sell side, as well as regulatory benefits and better consumer protections. In particular, it will provide loan-level transparency around the quality of securitized assets and a clear, unalterable record of ownership—two things that were sorely missing during the financial crisis.”
“Blockchain technology will disrupt financial services in ways that unlock tremendous value through improving current processes but also introducing new ways to do business,” said Jenny Johnson, President and COO of Franklin Templeton, a founding node manager for Provenance. “We are excited to facilitate and support blockchain adoption because change will happen when the technology is embraced by the market. The technology platform combined with the ecosystem makes Provenance stand out.”