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Recruit invests in fintech blockchain firm

July 08, 2019

A division of Tokyo-based Recruit Holdings Co. Ltd., one of the world’s largest staffing providers, today announced an investment in Provenance Blockchain Inc., a provider of a blockchain platform for the financial industry.

Provenance is based in San Francisco and was founded in September 2018. Its executive director is Mike Cagney.

“Provenance offers a production blockchain platform where member financial services institutions can directly originate, finance and sell various financial products without intermediaries,” according to Recruit. Financial institutions already using the platform include Figure Technologies, which developed Provenance, and Jefferies, an investment bank.

The investment was made through RSP Blockchain Tech Fund Pte. Ltd., an investment arm of Recruit that is based in Singapore.

Provenance earlier this month announced it completed a $20 million security token offering to support development and expansion of its product.

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