- Provenance Blockchain has launched a new $50 million grant to develop core services and experiences on the blockchain.
- The grant comes by way of a new partnership between Provenance and Apollo, an asset management firm that controls more than half a trillion in overall assets.
- The Provenance blockchain is presently utilized by more than 60 separate financial institutions and fintech enterprises with close to $10 billion in asset value locked within its confines.
Provenance Blockchain Unveils $50 Million Tech Grant
Earlier today, Provenance Blockchain announced the launch of a new $50 million HASH development grant to establish core services and experiences on the blockchain. This grant comes as part of a new strategic partnership between Provenance and Apollo, an asset management firm that controls more than half a trillion in overall assets.
John Zito Comments on Strategic Partnership
John Zito – the senior partner and deputy CIO of credit at Apollo – commented on what both entities are planning for the future: We are excited to work with Mike and his team at Figure on [several] initiatives using Provenance blockchain technology specifically developed for our industry. This collaboration extends Apollo’s strategy of working with best-in-class fintech firms to seek the operational and cost benefits that blockchain and other technologies can bring to bear.
Provenence Blockchain Utilization
Right now, the Provence network has close to $10 billion in asset value locked within its confines. CEO Morgan McKenney says it’s different from other layer-1 blockchains in that it purely tries to service regulated monetary platforms on a regular basis. He commented: As we add asset classes, we add other participants to the ecosystem. We have private funds live on-chain that bring accredited investors. We have a lot of lending, mortgage and HELOCs, which brings bank and credit union buyers, and mortgage providers white labeling their services through Figure Technologies. Infrastructure lending brings in insurance companies and pensions… The grant program is so important because it brings developers to support the asset lifecycle. Our team has deep financial services knowledge as well as an amazing engineering team that’s trying to develop the protocol in ways that are competitively advantaged… We are enabling the crowdsourcing of the future of finance.
Jamie Dimon’s Warning
About nine years ago, CEO of JPMorgan Chase Jamie Dimon warned that banks were becoming too entwined with tech companies which were too speculative or volatile for such attention. He warned this would cause problems down the line but few took heed until recently when various issues came up due to this enmeshment with technology companies leading many banks into troubled waters financially as well as reputationally speaking.