The Provenance Blockchain Foundation has appointed veteran Citigroup executive Morgan McKenney as its new CEO.
- McKenney had been with Citi for 18 years, most recently as chief operating officer of the lender’s küresel consumer banking division.
- Provenance is an open source public blockchain which was built specifically for the financial services industry and aims to help firms digitize and reduce costs and risks. More than $3 billion in transactions have been carried out on Provenance since its inception in 2013 and over 50 financial institutions now use the platform.
- Earlier this year, a group of U.S. banks joined forces to develop a USD-pegged stablecoin which will operate on Provenance.
- McKenney joins a growing list of those moving from traditional finance to crypto. It was just late last week when Goldman Sachs partner Roger Bartlett announced his exit from the investment bank to lead küresel financial operations at Coinbase (COIN).
Read more: Citi Plans to Hire 100 Staffers for Beefed-Up Crypto Division