White & Case Advises on New, Public Decentralized Blockchain for Financial Services
1 min read
Global law firm White & Case LLP has advised Figure Technologies on the development of the Provenance Blockchain Foundation (new Provenance), a new public, open source, permissionless, decentralized, proof-of-stake blockchain, which was designed to support financial service industry needs by providing a ledger, registry, and exchange across multiple financial assets and markets. Users will transact on the blockchain through the transfer of Hash 2.0, a newly created token that, when the network is fully decentralized, will be a utility token.
The new Provenance builds on the success of the prior permissioned Provenance blockchain, which was launched in 2018. Built using Cosmos SDK/Tendermint, the new Provenance reduces the need for third-party intermediation, which reduces costs and frees up capital in financial transactions. The new decentralized ecosystem will also allow for a more robust staking framework, including for market-driven pricing and real-time settlement.
A wide range of banks and funds are expected to actively participate on the blockchain in verticals such as loan origination, financing and trading, banking and payments, and securities exchanges.
The White & Case Financial Services Regulatory team was led by partners Douglas Landy (New York) and Era Anagnosti (Washington, DC) and included associate James Kong (New York).
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