There have been various digital currency-related projects attracting quite a lot of attention from individual users and companies alike. Any project that is involved with Bitcoin or blockchain technology is of high value to VCs and business angels. Factom is one of the highest-ranked projects and that list, and their software tokens – called Factoids – can now be traded on the Poloniex exchange.
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Factom & Factoids – The Story So Far
Factom can best be described as a data layer for the blockchain, as this project is focusing its attention on bringing additional use cases for Bitcoin’s blockchain to the table. Most people are well aware the blockchain can be used for other purposes outside of the financial ecosystem, and Factom wants to establish itself as one of the “Bitcoin 2.0” projects to do so.
Over the past few months, things have been going quite well for Factom. Not only did the project leaders partner with the government of Honduras for a land title initiative, but their crowdsale targets were reached quite easily. During this crowdsale on the Koinify platform, Factom raised a total of 2,278 Bitcoin – roughly US$540,000 at the time.
A few months later, Factom was part of a second crowdfunding project on the popular BnkToTheFuture platform. By offering 7.8% company equity in exchange to meet a US$700,000 funding goal, the campaign drew a lot of attention from people interested in the project. When all was said and done, US$1.1m was raised on BnkToTheFuture, thanks to 406 individual investors. It is important to note all the shares during this round of funding were sold by Bitcoin Capital, the overarching company which also runs BnkToTheFuture.
The sale of the Factom software tokens – called Factoids – was part of a larger plan to roll out updated binaries later this year, as well as getting listed on one or more popular cryptocurrency exchanges. That long wait is finally over for Factom enthusiasts, as Factoids can now be traded on the Poloniex cryptocurrency exchange.
Factoids Appear on Poloniex
Poloniex is the first popular cryptocurrency exchange to enable the trading of Factoids. In doing so, Poloniex managed to position itself as one of the exchange platforms who are always looking for innovative assets and tokens to be added to their repertoire. Making a balanced and well-educated decision on which tokens or digital currencies to add to an exchange is a key factor.
“Poloniex has a talented team of developers, and it was easy working with them on the Factom integration for their exchange.” Paul Snow, CEO of the Factom Foundation posted on the company’s blog.
Factoids can be found under the “FCT” ticker on Poloniex, and traded directly against Bitcoin. Quite a few people know of Factom or Factoids, but only a small portion of them link both of these terms together as being part of the same project. To make the process a bit more simplified, Poloniex decided to list Factoids as “FCT Factom” on their exchange.
“We are excited to add Factom to the Poloniex platform as part of our commitment to bringing innovative new projects to the market.” Tristan D’Agosta, CEO of Poloniex Exchange concluded.
Source: Factom Blog
Images courtesy of Factom, Poloniex, BnkToTheFuture