The Provenance Foundation reportedly made its new, open source proof-of-stake blockchain available officially in May, which is employing Bison Trails’ infrastructure to streamline the operation.
Specifically, Bison Trails’ infrastructure is reportedly going to assist Provenance in reinforcing its network, as well as offering support to Hash holders to operate validator nodes, as revealed by June Ou, the executive director at Provenance Blockchain Foundation.
Hash is reportedly the native crypto coin of the Provenance blockchain, functioning as both a payment measure and governance token.
“We’re proud to support Provenance in its mission to transform the financial services industry for the better” Joe Lallouz, Head of Bison Trails, reportedly remarked.
The rollout of Provenance to a public Tendermint blockchain will potentially lead to an increase in adoption as well as new applications of blockchain, throughout the financial sector.
The Provenance blockchain is reportedly going to be operational across Tendermint with significant media attention, when Figure Technologies – Provenance’s parenting company – successfully secured $200 million via a fundraising round in May this year.
The Series D fundraiser was led by Morgan Creek Digital Funding and 10T Holdings, which helped bring Figure Technologies’s estimated valuation up to hit the $3.2 billion benchmark.
Provenance was reportedly designed with a goal to assist traditional financial establishments in discovering new blockchain-centric business opportunities. The platform’s main use case is supporting marketplaces and exchanges for buyers and sellers of virtual assets.