Provenance has announced the successful completion of their recent security token offering. This event, which saw the sale of ‘Hash Tokens’, took place as a Regulation D offering. It attracted $20 million worth of investments from qualified investors.
This funding is intended to be used for the continued development of the Provenance blockchain. This blockchain utilizes Proof-of-stake, and facilitates the securitization on loans.
While Provenance has specialized in loans to date, they indicate their eventual expansion into various levels of finance – all the while, utilizing blockchain to bring new levels of efficiency.
Now that their STO has been completed successfully, Provenance lists various noteworthy events expected to occur throughout the remainder of 2019.
The security tokens, which were distributed throughout the offering, are known as ‘Hash Tokens’. Each of these tokens serve as a means for governance, and value transfer for fees accrued through the Provenance blockchain.
These tokens have a fixed amount (100 billion), with value being derived through usage on the Provenance blockchain.