Factom raises more than $500K in software token sale

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Factom, whose mission is to solve real-world business problems by providing an unalterable record-keeping system using blockchain technology, announced Tuesday it has closed its software token sale, which sold more than 4.3 million “Factoids” and raised more than $540,000. Proceeds from the sale will support further development of the open-sourced software, which is expected to be released this summer.

According to a press release, Factoids will allow users to access the Factom open-source software platform in order to permanently record information on Factom’s blockchain data layer. The tokens will become usable and tradable following the release of the beta Factom client. Each customer will have a Factom wallet and can use their Factoids to purchase Entry Credits or send them to fellow Factom users. According to the press release, many companies have expressed interest in making Factoids tradable on their platform, so more partnership announcements across several industries are expected.

“It has been incredibly humbling to receive such an enthusiastic welcome from the bitcoin community,” said Paul Snow, CEO of the Factom Foundation, in the press release. “The Factom Foundation wants to thank each of you for helping to secure the future of the Factom Project and allowing us to bring our dream of more honest systems to fruition. Over the next few months we will continue to improve the Factom API and educate developers on how to incorporate Factom into their software.”

Image courtesy of Factom