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Provenance.io Blockchain Raises $20M in Security Token Offering | FinSMEs

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provenanceProvenance Blockchain, Inc., the administrator for the Provenance.io blockchain, completed a $20m security token offering.

The Reg D private placement included broad participation from both blockchain and traditional technology investors.

Provenance.io is a blockchain for the financial services industry, used by a variety of financial institutions. Hash is the underlying token on Provenance and provides a means for distribution of economics and governance.
Provenance.io was built by San Francisco, CA-based Figure Technologies, a fintech company founded by former SoFi CEO Mike Cagney, which has been an early adopter originating, financing and selling its HELOC loans entirely on the blockchain.

The token sale coincides with Figure spinning out Provenance.io and its administrator, PBI, as independent entities.

Proceeds will go to staff the administrator and finance operations including compliance, technology and business development, as adoption of Provenance.io grows. Figure continues to be a Hash™ holder and is assisting in the establishment of the PBI board and providing certain services to PBI.

The security token on Provenance.io, Hash, is the underlying equity of the blockchain. It 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 should be driven by the use of – and fees paid – on Provenance.

Co-founded by Mike Cagney, former co-founder and CEO of SoFi, along with Alana Ackerson, Cynthia Chen, June Ou and Sara Priola, Figure Technologies creates innovative consumer financial solutions for home improvement, debt consolidation and retirement while providing its members with financial education and empowerment. The company’s flagship product, the Figure Home Equity Line, uses Provenance.
Figure, which has more than 100 employees in offices in California, Nevada and Montana, has raised over $120 million since its founding in January 2018.

FinSMEs

10/04/2019

Source: http://www.finsmes.com/2019/04/provenance-io-blockchain-raises-20m-in-security-token-offering.html

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