Provenance Blockchain, Inc. (“PBI”), the administrator for the Provenance.io blockchain has recently announced the completion of its $20 million security token offering in order to support the continued development and expansion of the Provenance.io ecosystem.

The $300+ trillion in global financial markets incur hundreds of billions of dollars in audit, custody, trustee, reconciliation and administrative costs each year. Many of these markets suffer from significant friction, lack of transparency and limited liquidity. Provenance.io aims to be the solution for this.

The Hash Security Token

The security token on Provenance.io, Hash, is the underlying equity of the blockchain. Hash serves two purposes: it provides a means to distribute fees paid into Provenance, and it provides a governance voting structure for PBI. There are 100 billion Hash tokens, and Hash can neither be created or destroyed. The price of Hash floats, and its value will be driven by the use of – and fees paid – on Provenance. Hash cannot be created or destroyed. While the price of Hash will ultimately float, today each Hash holder sets a reserve price (or declines to participate) and fees paid to access Provenance go to the best offer(s) of Hash.

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provenance.io security token offering
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The Provenance.io Platform

Provenance is the leading production blockchain protocol for the financial services industry. It is a permissioned, proof of stake protocol that acts as a global ledger, registry and exchange across assets and markets. The initial use case for Provenance is demonstrating how the blockchain can eliminate fees and inefficiencies in the loan origination, servicing and securitization markets.

Provenance.io was built by Figure Technologies, a leading fintech company founded by former SoFi CEO Mike Cagney.   Provenance acts as ledger, registry and exchange across financial assets and markets. Permissioning on Provenance is done through the Provenance administrator, a Delaware non-stock corporation.

To learn more about the Provenance platform, visit: Website | Whitepaper

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