“BNK to the Future” site helped the Factom project to gather more than $940,000 of new investment. The company is preparing to launch their main product this autumn.

According to the BNK rules, to receive the money Factom had to attract minimum of $642,000 by 22 July. By 21 July the company managed to collect $940,000 from 263 investors.

The investment round will continue for one more day. Max Keiser’s fund Bitcoin Capital acts as an intermediary (the actual holder of Factom shares) for the time of the investment round.

Factom is a data layer built on top of the bitcoin blockchain to record and securely store data using the blockchain technology. The data layer can be used for financial record-keeping by businesses and for a wide range of other purposes like medical records, voting systems, property titles, and legal applications.

In April 2015, Factom started selling Factoids, special digital tokens that allow users to add hashes into the Factom network. So far more than 4 million factoids have been sold.

Factom team aims at using the latest developments in cryptographic technology. This June, the company raised the voice against the inefficiency of the U.S. Government.

To be specific, Factom could not use the new algorithm developed by the U.S. National Institute of Standards and Technology (NIST) since the algorithm was not finalised by this spring. Later in July, the company announced that it developed a method to connect their side-chain with the main public ledger.



Roman Korizky