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Recruit Invested in Provenance, the Leading Blockchain Platform for the Financial Services Industry

Jul. 08, 2019
Recruit Co., Ltd.
Business / Management

Recruit Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Yoshihiro Kitamura; referenced below as "Recruit"), an intermediate holding company of Recruit Holdings Co., Ltd., has finished investing in Provenance Blockchain, Inc. (Headquarters: U.S.; Executive Director: Mike Cagney; referenced below as "Provenance"), a provider of blockchain platform for the financial industry, via its investment arm RSP Blockchain Tech Fund Pte. Ltd.

1.Background and Purpose

Today, the involvement of multiple intermediaries is necessary in order to secure the trust of transactions of financial products such as loan and securitized products. Addressing this inefficiency has been an important issue in the financial industry for many years.

2.About Investment in Provenance Blockchain, Inc.

Provenance Blockchain, Inc.

Provenance offers a production blockchain platform where member financial services institutions can directly originate, finance, and sell various financial products without intermediaries. Several financial institutions are already members of this platform: Figure Technologies which developed Provenance; Jefferies, a global leading investment bank. In the future, we expect an expansion of the range of tradable products, not just loans and securitized products.

Through our investment, Recruit aims to support the expanded use of this platform. With this funding, Provenance plans to expand platform development and business operations.

(1) Company Name Provenance Blockchain, Inc.
(2) Representative Mike Cagney
(3) Location 650 California Street, Suite 2700, San Francisco, CA (94108)
(4) Established September 2018
(5) Business Overview The development and provision of blockchain platforms for the financial industry.
(6) Website https://provenance.io/

3.About RSP Blockchain Tech Fund Pte. Ltd.

RSP Blockchain Tech Fund Pte. Ltd. discovers and acquires business opportunities in new technologies and business models in blockchain technology for the Recruit group. It aims to spread and contribute to the development of these technologies.

(1) Company Name RSP Blockchain Tech Fund Pte. Ltd.
(2) Representative Hiroyuki Murai
(3) Location Singapore
(4) Established November 2018
(5) Business Overview Investment & Business Development, and Venture capital business.