Provenance Blockchain Foundation, a non-profit organization responsible for developing and growing the public blockchain for financial services, announced the carve-out of Provenance Blockchain Labs, a blockchain development firm building a suite of foundational infrastructure SaaS products that enable asset issuers and servicers to efficiently transact on the Provenance Blockchain.
The Provenance Blockchain Foundation began “incubating ProvLabs in 2023.”
ProvLabs has been split out of the Foundation and “has recently appointed co-lead investors for its seed stage financing round, which is expected to be completed by the end of Q3 2024.”
Provenance Blockchain Foundation’s Acting CEO Anthony Moro will “transition to become the first Chief Executive Officer of ProvLabs. Accordingly, the Foundation’s Board of Directors has commenced a search for a permanent Executive Director to lead the organization on a go-forward basis.”
Effective today, June Ou, the Co-Creator of the Provenance Blockchain, will “assume the role of interim Executive Director of the Foundation while the Board conducts its search.”
Mr. Moro, a financial services executive with “extensive traditional and decentralized capital markets experience, joined Provenance Blockchain Foundation 2022.”
Mr. Moro brings to ProvLabs broad expertise across global markets, securities servicing, blockchain and financial technology development.
“The ProvLabs opportunity is predicated on two facts: First, the global financial markets are going to tokenize several trillions of dollars of assets over the next decade. And second, asset issuers and servicers are going to need a material amount of help managing the transition. June and her team built industry defining businesses at Figure Technology Solutions and Figure Markets. In close collaboration with the Foundation, ProvLabs will look to them for guidance as we build a unified platform of foundational infrastructure SaaS specifically designed to help global financial services firms deploy digital assets at scale.”
Ms. Ou co-founded Provenance Blockchain in 2018 and “has previously served as Co-Founder and President of Figure Technology Solutions and as CTO of SoFi.”
She is currently the Co-Founder and President of Figure Markets, “a role she will continue to fill in addition to her duties at the Foundation.”
Ms. Ou added:
“We are appreciative of the work Anthony did bringing blockchain to the TradFi community, and are excited about his continuing that work in ProvLabs. We are thrilled to continue working with ProvLabs, the broader Figure ecosystem and new community members to extend the reach of Provenance Blockchain.”
The new Executive Director of the Foundation will be “responsible for continuing to execute on the strategy for Provenance Blockchain to remain the dominant blockchain for RWA, as well as developing the strategy for and execution of community participation. Interested and qualified candidates can apply for the role.”
Founded in 2022, the Provenance Blockchain Foundation (PBF) supports “the development and growth of the public, open-source Provenance Blockchain.”
The Foundation fosters an ecosystem of collaboration “to steer the blockchain towards developing, enabling and securing the most robust environment for digital financial asset use cases.”
The Foundation helps maintain Provenance Blockchain’s codebase, “supports the technical and business communities, and is a speaking partner to regulators and the broader financial services industry.”
The Grant program is managed by the Foundation, designed to “support developers building core financial services products and experiences that enable a seamless and secure financial asset lifecycle on blockchain technology.”