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In May, the Provenance Blockchain Foundation unveiled its own open source proof-of-stake blockchain. Figure Technologies, the firm’s parent company, announced a $200 million Series D investment round shortly after.
According to June Ou, executive director of the Provenance Blockchain Foundation, Provenance will use Bison Trails’ technology to improve its network and assist Hash holders in running validator nodes. Hash is the Provenance blockchain’s native cryptocurrency, acting as both a payment medium and a governance token.
“We’re proud to support Provenance in its mission to transform the financial services industry for the better,” said Joe Lallouz, Bison Trails’ CEO. “The launch of Provenance to a public Tendermint blockchain opens the door for the growing adoption and new applications of blockchain technology in financial services.”
After its parent company, Figure Technologies, concluded a $200 million funding round in May of this year, the Provenance blockchain is debuting on Tendermint with considerable excitement. Morgan Creek Digital Funding and 10T Holdings led the Series D fundraising. Figure Technologies now has an estimated worth of $3.2 billion as a result of the financing.
Provenance was created to assist conventional financial institutions in identifying new business possibilities in blockchain. The major use case for the platform is to provide markets and exchanges for buyers and sellers of digital assets.
Bison Trails, on the other hand, has been at the core of numerous high-profile collaborations. Bison Trails, as reported by Cointelegraph, offers critical infrastructure support to Crypto.com’s payment network. Bison Trails announced Global Blockchain Sync in February of this year to improve the node operations of its partners, which include Polkadot, Ethereum, and Cosmos.
Bison Trails, a bitcoin business infrastructure provider, said on Tuesday that it is providing network support to Provenance, a multibillion-dollar platform that enables traditional financial institutions to deliver blockchain services to their clients.