SAN FRANCISCO--(BUSINESS WIRE)--Provenance Technologies, Inc. (PTI), a full-service compliance solution for blockchain technologies and virtual assets, is proud to announce it has secured both a Money Transmitter License and BitLicense from the New York State Department of Financial Services (NYSDFS). PTI joins an exclusive list of just 11 fully-licensed companies globally, such as Coinbase, PayPal, Square, and Robinhood, which have obtained both licenses in order to protect businesses and consumers that send and receive money electronically.
“Blockchain is rapidly changing the way we trade and transact,” said PTI Chief Executive Officer Scott F. Butler. “We are at the beginning of a seismic shift in technology—much like how the Internet changed commerce forever, blockchain will open up entirely new financial models and revenue streams for forward-thinking businesses. We are honored to work with preeminent regulatory bodies like the NYSDFS to help business leaders navigate this new world of convertible virtual assets.”
PTI is a security- and compliance-first business that offers enterprise solutions for token issuance, custodianship, exchange, fiat and virtual currency purchases. PTI was created alongside blockchain video game and brand platform Forte, founded by industry veterans Josh Williams and Kevin Chou. Forte’s platform allows game publishers and app developers to easily integrate blockchain technologies into their products, and enable features such as seamless, embeddable token wallets, NFT minting and trading, payment rails, and other services built specifically for cryptocurrency and the management of digital assets.
Forte Chief Financial Officer Bela Pandya: “After a rigorous application and review process, we are thrilled that PTI was carefully selected by the NYSDFS to receive both the Money Transmitter License and BitLicense. Through our partnership with PTI, this now puts Forte in a class of its own, as it is the only blockchain platform for game publishers and app developers to offer this level of compliance and protection to millions of game players. The NYSDFS is renowned for its highest levels of consumer protection, security, and fraud-prevention, and it is an honor for Forte to proudly adhere to those best-in-class standards.”
"We founded PTI and partnered with Forte to help the world’s most innovative brands and game publishers, and content creators unlock new revenue opportunities through blockchain and enable their fan bases to manage digital assets safely. Our mission is to provide secure and compliant systems so that game publishers and brands can focus on their core business, protect their franchisees, and keep their customers safe,” Butler added. “Obtaining both a Money Transmitter License and BitLicense is an important step in this mission.”
PTI is licensed to issue, custody, and exchange virtual assets, including cryptocurrencies and non-fungible tokens (NFTs), and handle both fiat and cryptocurrency transactions. PTI’s leadership team is comprised of financial professionals who’ve led payments and regulatory initiatives at organizations such as Facebook, Linden Lab, Deutsche Bank, Credit Suisse, KPMG, and Ripple.
Additional information regarding NYSDFS’s regulation of New York’s virtual currency marketplace can be found here.
About Provenance Technologies, Inc.
Provenance Technologies, Inc. (PTI) is a full-service legal and regulatory compliance solution for the new digital economy. Created alongside blockchain video game and brand platform Forte, PTI was conceived to address the unique needs of today's emerging virtual worlds, creator platforms, and online marketplaces. As the first of its kind, PTI is specifically licensed to issue, custody, and exchange virtual assets including cryptocurrencies and NFTs, and handle both fiat cryptocurrency transactions. The company meets the highest standards for security, financial crime policies and standards (AML, KYC), tax compliance, and financial integrity.
PTI is a registered money services business with FinCEN in the United States and FINTRAC in Canada. The company has money transmitter licenses (or the appropriate clearance) in all applicable U.S. states and other territories where it operates.