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 global consumer banking division.
Provenance is an open-source, public blockchain that 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 U.S. dollar-pegged stablecoin that will operate on Provenance.
McKenney joins a growing list of those moving from traditional finance to crypto. Most recently, late last week Goldman Sachs partner Roger Bartlett announced his exit from the investment bank to lead global financial operations at Coinbase (COIN).
