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 has quickly moved from being regarded as just great potential to actually being adopted by many Fortune 500 companies over the past couple of years. Blockchain’s early adopters have been financial services firms, such as J.P Morgan, Bank of America, and US Bank. Major banks now have their own specialized department for cryptocurrencies with some even considering building their own blockchain. With market pressures pushing firms to increase their cyber security, transparency and automation, it seems today that blockchain’s adoption in the market is now unstoppable.
Blockchain Foundry Inc (BCFN:CSE), is one Canadian company that provides custom blockchain consulting, development, and integration solutions leveraging blockchain technologies to help solve business problems. The Company specializes in providing consultation services to corporate clients to develop and commercialize blockchain-based business solutions. The company continues to grow as the premier blockchain consultant in Canada and also provides numerous productization opportunities as blockchain increasingly becomes more widely used in today’s market.
As the market continues to adapt to advancements in technology, Blockchain Foundry are sure to benefit and will be one to watch as the market shifts with technology. Blockchain Foundry (BCFN:CNX), at the time of writing this article, is trading at $0.165 and has great potential to increase over the next 6-12 months.
Early this month we interviewed Blockchain Foundry CEO Dan Wasyluk and CFO Chris Marsh, to get a better picture of what investors can expect to see in the future.
Dan has over 14 years of software engineering experience and been involved in blockchain technology since 2013 where he was the co-founder of Syscoin. Chris has extensive investment banking experience and over 12 years of experience in corporate development, working for a leading investment bank in Canada.
In our interview, the management team of Dan and Chris were clear to point out that Blockchain Foundry is not just another blockchain vaporware company. They mentioned that the company has the unique capabilities to create blockchain networks for their clients having many contracts to prove this is the case. In our discussion, the management team demonstrated how Blockchain Foundry is a viable business to invest in with proven continued growth as we close out the end of 2020. The company’s audited Financial Statements registered at Sedar highlight how revenue had increased to $1.1M for the first nine months of 2020, up from $527K during the same period in 2019. The company now anticipates further growth with increasing shifts in blockchain that is becoming more widely used in today’s market.
Blockchain Foundry was founded in 2016 but has been developing blockchain infrastructures since 2013, including creating and deploying the Syscoin public blockchain protocol which was initialized in 2014. The company are experts in asset tokenization, digital identities, blockchain applications and created some of the world’s first blockchain-based business platforms.
Blockchain Foundry 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 $227K for the most recent quarter ended September 30, 2020, up from $215K for the quarter ended September 30, 2019.
A promising step in the continued growth of Blockchain Foundry was their blockchain development agreement with a major Canadian financial institution. The agreement commenced in 2020 and is valued at over $400k with this Canadian financial institution. The Agreement states that Blockchain Foundry will develop key infrastructure to power a decentralized identity solution for the large financial institution. The infrastructure developed will then ultimately be rolled out to any organization which would benefit from trusted digital identities. To read more about this blockchain development agreement you can click here.
This agreement with a major Canadian financial institution clearly demonstrates the ever-growing market acceptance for blockchain technology. For Blockchain Foundry, this wider acceptance opens a long list of opportunities to get into the boardrooms of large companies who need blockchain. Blockchain Foundry CEO Dan Wasyluk emphasized this in our interview “With the ever-growing demand for blockchain technology, and open acceptance, these really are exciting times for everyone involved with Blockchain Foundry”.
Blockchain has continued to benefit from this market acceptance and has reached agreements with various other blockchain entities. Most notably Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, released BUSD, a stablecoin issued by Binance and Paxos, on the Syscoin network. This collaboration will also explore the potential to bridge Syscoin, and other blockchains, to Binance Smart Chain (“BSC”) in support of BUSD and other Binance chain tokens.
Blockchain Foundry has announced blockchain development agreements with LODE Community and NIX Platform more recently among many other blockchain entities. It is clear to see that the revenue generated from custom blockchain consulting is allowing Blockchain Foundry to set up a larger value upside in the form of the company’s coin and partnership initiatives. As a result, Blockchain Foundry is trying to build a blockchain infrastructure that they will hold the keys to once blockchain gains that wider market usage.
“Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.”