Blockchain Project Factom Raises $400k at $11 Million Valuation
Factom Inc, the for-profit entity seeking to facilitate commercial business conducted on blockchain recordkeeping project Factom, has raised $400,000 in new seed funding. The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m. In statements, Kuala co-chairman Jim Mellon stated that he believes Factom has the potential to "revolutionize" how companies process and store data, thereby solving "real commercial....
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Factom has received $1.1m in new funding as part of an equity crowdsale hosted by crowdfunding service BnkToTheFuture. Billed as a data and record keeping layer for bitcoin, Factom had offered 7.8% equity toward a $700,000 minimum investment goal to be reached by 9:39am GMT today. The project ultimately exceeded this goal, drawing 323 investors; each providing an average contribution of roughly $3,400. Factom Foundation chairman David Johnston credited the positive perception of the company as a key factor in the raise, telling CoinDesk: "The community has been very supportive of Factom....
Factom is a new data layer technology that works on top of the Blockchain. Factom has designed a new platform to store any type of data into the Blockchain. Entries stored in Factom can never be changed or deleted, making Factom the perfect platform for developing a wide range of applications. Factom has developed a way to overcome the Bitcoin limitations and enhance its capabilities. Almost two days ago, Factom crowdsale was launched and in less than 24 hours raised about 580 BTC. At the time of I'm writing they already raised 658 BTC. The Factom crowdsale was launched on the....
A note from the Editor: In recent months, Factom has made a splash in the Bitcoin community. The goal of the Factom project is to create a “scalable data layer for the blockchain.” Essentially, the team wants to create a blockchain-based data management system that streamlines and simplifies businesses’ record-keeping systems. Factom has displayed the potential of their project through a proof of concept project that stored the entirity of Project Gutenberg on only four hashes of the blockchain. Bitcoinist’s Sergio Schout was able to interview Peter Kirby, President and CEO of Factom, and....
Last week The Factom Foundation released its latest project development news update. Factom is this year's most awaited project in the cryptocurrency space. The concept behind Factom is a very innovative one since it enables company's to use the technology without ever owning cryptocurrency. Factom is a distributed, decentralized protocol running on top of Bitcoin. The software is open source, and anyone is free to use it for any purpose. The Factom network gives developers the tools to build a new generation of applications that use blockchain technology. Factom uses a data layer on top....
Factom is perhaps the most anticipated project in the cryptocurrency ecosystem for 2015. Factom promises to introduce new blockchain based software that will bring developers the tools to build a new generation of applications using the blockchain technology while making it available to every type of organization. Factom introduced the first functional blockchain technology that provides an unalterable and safe record-keeping system. By using another data layer on top of the Bitcoin blockchain, the Factom protocol can secure millions of real-time records in the blockchain with a single....