Blockchain Foundry Announces $3.3 Million Financing
We’re excited to announce today that Blockchain Foundry Inc. has closed the first tranche of a non-brokered private placement financing for C$3.3 million at a share price of C$0.27. This funding comes at a critical time for us as we prepare to launch some of our largest products to date in 2018. With this funding, the entire Blockchain Foundry team will be moving to full-time employees by mid-January 2018. Additionally we will be hiring staff in a variety of areas to further accelerate and improve software and business development.
Blockchain Foundry is well positioned as a provider of blockchain products and services focusing on our Syscoin blockchain protocol. We provide blockchain expertise to organizations looking to understand how they can better leverage blockchain technology to improve their bottom line. Syscoin, an ecosystem of blockchain based business services powered by smart contracts is our premier solution for these organizations. If Syscoin isn’t a good fit we’ll use our expertise to develop the proper solution either as an enhancement to Syscoin or as standalone new product.
Accelerated Syscoin Development
Throughout 2017 we’ve continued to develop innovative improvements both to the core Syscoin protocol and to the ecosystem of products around it such as Blockmarket Desktop, Syscoin API, exchanges and services that support Syscoin and more. Unfortunately for the entirety of 2017 our team was unable to focus solely on these priorities as over half of our development staff was not full time due to resource constraints.
This funding represents a paradigm shift for Syscoin development. Now that Blockchain Foundry is armed with the necessary resources 2018 is set up for an unprecedented level of development and progress. These resources also enable is to hire additional staff, further catalyzing development.
At the moment there are a lot of options in the blockchain space for funding. In putting together this first round we strategically decided not to use an ICO based funding route. As a team with a track record, a protocol, and several tangible products we decided instead to seek strategic funding from a group of well-positioned investors whose network and connections will benefit the company as it grows. This is what we have accomplished today. This is only the start of this journey as we also intend to pursue going public in Q1 2018, subject to meeting the applicable listing requirements of a Canadian stock exchange.
Our roadmap is bursting with products and milestones being delivered over the next few months which we’re excited to share and we have even more projects and enhancements coming in the new year. Blockchain Foundry and the Syscoin protocol have an exciting future ahead of them!