Blockchain Foundry Inc. (CSE: BCFN)
Develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to leverage blockchain technology in their businesses.
Blockchain Foundry Inc. (CSE: BCFN) develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to leverage blockchain technology in their businesses.
The principals of Blockchain Foundry have been developing blockchain infrastructure since 2013, including creating and deploying the Syscoin public blockchain protocol which was initialized in 2014. The Company has recently introduced proprietary infrastructure layers to Syscoin, including Z-DAG, a scaling solution that allows for transaction speeds of up to 140,000 transactions per second, and the Syscoin Ethereum bridge, a decentralized finance (“DeFi”) application which enables ERC-20 tokens to move back and forth between the Syscoin and Ethereum blockchains. Powered by a series of Ethereum smart contracts and Simple Payment Verification (“SPV”) proofs, the bridge is fully trustless, does not require the use of counterparties, and has no liquidity limitations. The bridge allows Ethereum projects to benefit from Syscoin’s lower fees, higher speed, throughput and increased scalability.
Blockchain Foundry uses its proprietary technology as well as open source blockchain technology to build solutions for clients across industries including digital identity, financial services and token wallet infrastructure. Many of Blockchain Foundry’s blockchain innovations are proprietary IP and the Company is exploring ways to productize these innovations in the future.
The Company reported revenue of $382K for the most recent quarter ended June 30, 2020, up from $178K for the quarter ended June 30, 2019.
“In Q1 and Q2 2020, BCF achieved positive net income and a significant increase in gross revenue. This positive outcome was a direct result of increased client development activity as well as growing market acceptance of blockchain technology. The Company experienced a substantial increase in client engagements and with the scope and breadth of projects we have undertaken over the first half of 2020, the Company continues to build its reputation as a leading blockchain service provider,” said Dan Wasyluk, CEO of Blockchain Foundry.
November 10, 2020 Blockchain Foundry Draws Down on Equity Facility with Alumina Partners