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Provenance Blockchain Foundation Announces Banking Director Morgan McKenney as CEO

SAN FRANCISCO, March 1, 2022 /PRNewswire/ — The Provenance Blockchain Foundation announced today that Morgan McKenney joined the organization as CEO. In this role, McKenney will partner with a range of financial institutions, fintechs, developers and industry players to lead the growth and adoption of Provenance Blockchain, an open-source public blockchain designed specifically for the financial services industry. The Provenance Blockchain Foundation is dedicated to supporting the development of decentralized financial services applications to deliver meaningful business benefits to its participants.

A leader in payments innovation and digital transformation globally, McKenney has dedicated his career to innovating for institutional clients and consumers. Having recently served as a special advisor to The Center, a consortium aimed at promoting trusted use of fiat-backed stablecoins, and as an expert advisor to Bain in the field of digital assets, McKenney is uniquely positioned to lead the blockchain. growing rapidly on which more and more financial institutions rely.

“The Provenance Blockchain has successfully demonstrated its ability to deliver significant business benefits to participating financial institutions and their customers at scale,” McKenney said. “I am excited to advance the ongoing work and deepen the innovation ecosystem of financial institutions, fintechs, developers and other industry leaders by building on Provenance Blockchain and leveraging to make financial services much more efficient, with more real-time capabilities and reduced counterparty risk.”

McKenney spent nearly twenty years at Citi in a range of global operational leadership positions, most recently as chief operating officer for Global Consumer Banking. With a career leading major global institutional payments businesses in Asia, Europe, Middle Eastand Africa, McKenney has partnered with banks, corporations and governments to help them manage their business and enable real-time commerce. McKenney has also successfully implemented two blockchain projects with NASDAQ and with Alibaba and Ant Financial, and managed Citi’s Innovation Lab at Singapore.

The Provenance blockchain was purpose-built for financial services and offers the first real opportunity to disrupt the space, dramatically reducing costs for consumers and introducing new revenue opportunities for the industry. Since its inception, the Provenance Blockchain ecosystem has grown to include over 50 financial institutions transacting on the blockchain and over $3 billion in the financial transactions carried out. Earlier this year, several US financial institutions launched the USDF Consortium to provide a 24x7x365 tokenized bank deposit and payment rail, USDF, on the Provenance Blockchain.

“With the rapid adoption of Provenance Blockchain and the upcoming opportunities for this technology to fundamentally transform the way financial services operate and drive a massive reallocation of industry market capitalization, I can’t think of a better leader to Provenance that Morgan McKenney,” noted Mike Cagney, CEO of Figure. “Morgan’s experience in traditional finance, leading innovative teams, and tapping into new markets will be key to growing the ecosystem and unlocking the tremendous value the Provenance Blockchain Foundation has to offer.”

Figure Technologies leverages Provenance Blockchain across its product lines including Lending, Capital Markets, Asset Management, Investment Services, Banking and Payments. Figure was the first to originate, warehouse and securitize mortgages on the blockchain, demonstrating over 100 basis points of efficiency in its first securitization in 2020. Last year, Figure launched a 24-hour secondary market for private company stocks with transactions settled in USDF.

“The Provenance Blockchain was designed to meet the specific needs of financial service providers, enabling them to meet changing customer demands and adapt to the rapid pace of digitalization, while significantly reducing costs and risks,” said Bea Ordonezdirector of innovation for Webster Bank and USDF Consortium Board Member. “The public nature of blockchain and the associated infrastructure enables the rapid deployment of solutions and can thus advance the democratization of financial services, creating value for a wide range of customers. I am delighted that Morgan has been chosen to lead Provenance Foundation. As one of the few female leaders in this space, she has an important role and opportunity to drive real transformation in the financial services industry. I look forward to working with her.

ABOUT PROVENANCE BLOCKCHAIN ​​FOUNDATION
The Provenance Blockchain Foundation provides the world’s best ecosystem for developing and deploying DeFi applications. The Provenance Blockchain Foundation supports Provenance Blockchain and its participants through research and development, education, and governance. We believe that a community-driven open-source model, based on the best-in-class, eco-friendly Cosmos/Tendermint blockchain internet, is essential for success and wide-scale adoption. of the next generation of decentralized financial applications. Provenance Blockchain is a public blockchain network designed and developed to serve the needs of the financial services industry by providing ledger, ledger, and exchanges across multiple financial assets and markets. To learn more, visit https://provenance.io or contact us at [email protected].

The Provenance Blockchain has been leveraged to achieve many “firsts”, including:

Media Contact:
Graham Kahr
Vice President of Marketing, Provenance Blockchain Foundation
[email protected]

SOURCE Source Blockchain Foundation