TORONTO, April 06, 2021 (GLOBE NEWSWIRE) -- 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 rates1. 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, 20213, 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.
About Blockchain Foundry Inc.
Blockchain Foundry develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain technology into their businesses.
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Certain portions of this press release contain “forward-looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward-looking statements”, which may not be based on historical fact, including, but not limited to, the acceptance of the Syscoin blockchain protocol and the future value of Syscoin tokens. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continues”, “estimates,” “scheduled,” “anticipates,” “believes,” “intends,” “may,” “could,” “would” or might, and the negative of such expressions or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information.
Forward-looking statements should not be read as guarantees of future events, future performance or results, and will not necessarily be accurate indicators of the times at, or by which, such events, performance or results will be achieved, if achieved at all. Readers should not place undue reliance on such forward-looking statements, as they reflect management’s current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by BCF are inherently subject to significant business, economic, regulatory, competitive, political and social uncertainties, and contingencies, including, but not limited to, the acceptance of the Syscoin blockchain protocol and the future value of Syscoin tokens. Many factors could cause BCF’s actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
1 https://coinmarketcap.com/currencies/syscoin/ as at April 6, 2021 using an exchange rate of CAD1.26/USD.
2 https://masternodes.online/currencies/SYS/ as at April 6, 2021.
3 Syscoin block 1,004,200 which is projected to occur on April 30, 2021.