- Announced that it has acquired 2,223,215 Syscoin tokens which it intends to hold as a long term asset.
- The Company purchased these Syscoin tokens for approximately C$0.45 per token for a total of CAD$1 million.
- This investment brings BCF’s total Syscoin treasury holdings to approximately 6,353,607 Syscoin, worth approximately CAD$3 million at current market rates 1 .
- The Company “stakes” its current Syscoin balances and intends to stake its additional Syscoin holdings.
- Staking currently generates an annual return of approximately 5.71% 2 , increasing to approximately 7.71% after tokens have been staked for one year.
TORONTO, April 06, 2021 — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to announce that it has acquired 2,223,215 Syscoin tokens which it intends to hold as a long term asset. The Company purchased these Syscoin tokens for approximately C$0.45 per token for a total of CAD$1 million. This investment brings BCF’s total Syscoin treasury holdings to approximately 6,353,607 Syscoin, worth approximately CAD$3 million at current market rates 1 . The Company “stakes” its current Syscoin balances and intends to stake its additional Syscoin holdings. Staking currently generates an annual return of approximately 5.71% 2 , increasing to approximately 7.71% after tokens have been staked for one year.
BCF believes strongly in the future of Syscoin, its growing market acceptance as a blockchain infrastructure ecosystem, and its future valuation potential. The Company is a core contributor to the open source Syscoin protocol and has also created proprietary applications that rely on the Syscoin ecosystem. Going forward, BCF intends to create decentralized finance applications, including NFT systems, using Syscoin’s infrastructure.
On April 30, 2021 3 , the Syscoin protocol will have its first upgrade since December 2019, upgrading to Version 4.2, known as Syscoin LUX (“LUX”). LUX will introduce several cutting-edge features into Syscoin, including zero-fee layer 2 smart contract functionality, fractional and non-divisible NFT capabilities and notary features which allow for customizable payment rules defined off-chain to be enforced at the core blockchain level. LUX will also preserve Z-DAG, Syscoin’s patent pending high-throughput transaction technology which allows for more than 140,000 transactions per second at scale.
“We are pleased to be making a substantial financial investment in Syscoin as we look forward to the upcoming release of Syscoin LUX. Creating strong economic alignment between the Company’s Syscoin-related efforts and the potential appreciation of the Syscoin token is important so that BCF shareholders can directly benefit from increasing adoption and acceptance of the Syscoin token and infrastructure as enabled by BCF products and open source contributions,” said Dan Wasyluk, CEO of BCF.
Commenting further, Mr. Wasyluk added, “our enterprise software and decentralized finance product strategies rely on using Syscoin blockchain infrastructure for our product offerings, and investing financially in the success of the ecosystem allows our shareholders to directly benefit from this growth. The innovative features BCF has contributed to LUX are a direct response to the needs of our clients and cover a wide variety of use cases. These new features will serve as the backbone for certain BCF products. Additionally, LUX will enable developers to create applications powered by Syscoin Platform Tokens using the same languages and tools with which they’re already familiar.”
LUX enhances the core offering of Syscoin as a scalable, versatile and innovative blockchain platform and for the first time includes major new features sourced directly from BCF’s consulting practice, a real-world touch point unique to BCF’s strategy. The Company expects that LUX and the related products and use cases it supports will further enhance BCF’s reputation as a leading blockchain technology company and contribute further to BCF’s growth and the overall growth and acceptance of the Syscoin ecosystem.
Read More: https://agoracom.com/ir/BlockchainFoundry/forums/discussion/topics/758572-blockchain-foundry-invests-cad-1-million-to-purchase-2-2-million-syscoin-for-treasury-total-syscoin-treasury-reaches-approximately-6-4-million/messages/2310960#message
Tags: Bitcoin, Bitfarms Ltd., blockchain, CSE, ether, Galaxy Digital Holdings Ltd., GDPR