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TORONTO, June 12, 2018 (GLOBE NEWSWIRE) -- Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN) is pleased to provide a corporate update on its activities and new developments to its core applications.

Key Highlights

  • Imminent release of Blockmarket Desktop 3.0, BCF’s flagship ecommerce platform and the world’s first decentralized marketplace.
  • Appointment of Earl Flormata as Chief Marketing Officer, responsible for the Company’s overall marketing and branding strategy.
  • Creation of a dedicated team within the Company to begin executing on blockchain consulting opportunities, with specific projects to be announced soon.
  • Successful launch of next-generation Syscoin 3.0 blockchain protocol, incorporating assets, masternodes and instant transaction functionality.
  • First Syscoin asset, CPS Coin, developed by CoinPayments Inc. (“CoinPayments”), a cryptocurrency payment processor with over 1.6 million vendor accounts and over 1 million active users, to launch on July 1, 2018.
  • Establishing a new foundation in partnership with the Syscoin community in order to oversee the development and scalability of the public blockchain protocol.

“We are excited about the development of several pivotal milestones for Blockchain Foundry and believe Syscoin 3.0 is poised to revolutionize the crowdfunding and blockchain application industry. Our release of the next version of Blockmarket will help us become a formidable competitor to other leading blockchain protocols as well as incumbent blockchain product developers,” said Dan Wasyluk, President and Chief Executive Officer of Blockchain Foundry.

Blockmarket Desktop

On or before June 28, 2018, the Company will be releasing an update to its flagship product, Blockmarket, the world’s first decentralized marketplace. Blockmarket is a desktop application that combines all the functionality of the Syscoin platform, including the ability to send and receive Syscoin tokens, create and transfer certificates, assets and aliases, and transact directly on Syscoin’s distributed marketplace.

Executive Appointments

On May 1, 2018, the Company appointed Earl Flormata as Chief Marketing Officer. Earl has over 15 years of experience in sales, marketing and technical leadership and is responsible for the Company’s overall marketing strategy. The Company is also actively recruiting for a Head of Business Development and expects to provide more details on this appointment soon. 

Blockchain Consulting

Blockchain consulting services are one of the Company’s core offerings. The Company has now finalized the establishment of an internal working group which will source, prioritize and execute blockchain consulting mandates across a range of industries and applications. The Company has a robust pipeline of opportunities at various stages of discussion and expects to provide an update soon with specific details of upcoming projects.

Relationship between BCF and the Syscoin Blockchain Protocol

Syscoin is a leading open source public blockchain protocol which was initialized in August 2014 and has since become an established project within the blockchain community. Syscoin is not directly related to BCF, nor does BCF hold any Syscoin tokens or otherwise have direct economic exposure to the Syscoin project.

Certain employees of the Company actively contribute to the development of Syscoin. Although the Syscoin project is separate and distinct from the Company, the expertise and experience that the Company’s employees have gained through their involvement in Syscoin is invaluable both to BCF’s product development and consulting initiatives. As Syscoin continues to evolve as a blockchain protocol with industry leading speed and scalability, BCF is well positioned to benefit through its proprietary suite of Syscoin-enabled products and services.

Syscoin 3.0

Syscoin 3.0 introduces several powerful new developments to the Syscoin platform, including Syscoin assets (similar to Ethereum’s ERC-20 standards), Syscoin masternodes and instant transactions.

  • Masternodes allow instant transactions on the Syscoin network, industry leading speed and scalability, and the ability for Syscoin token holders to vote and participate in the governance of the Syscoin network.
  • Concurrent with the launch of Syscoin 3.0, core developer Jag Sidhu published a technical whitepaper which provides a detailed overview of the Syscoin 3.0 protocol. The whitepaper is available at http://www.syscoin.org/whitepaper/.

CoinPayments to Launch CPS Coin on Syscoin 3.0

On July 1, 2018, CoinPayments’ CPS Coin will become the first Syscoin asset to be launched. CoinPayments is an industry leading and pioneering cryptocurrency payment processor, servicing over 1.6 million vendors and 1 million active users in over 570 cryptocurrencies. BCF is engaged in discussions with a range of other groups who are exploring similar asset issuances on the Syscoin platform.

Syscoin Foundation

BCF is in the process of establishing a foundation (the “Syscoin Foundation”) to oversee development of, and to act as the primary advocate for, the Syscoin protocol. The Company expects to provide further updates on the Syscoin Foundation over the next several weeks.

Change of Auditor

Further to the Company’s press release of May 31, 2018, the Company wishes to clarify that there has been no reportable event (as such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) with BCF’s former auditor, Charlton & Company Chartered Professional Accountants.

About Blockchain Foundry Inc.

Blockchain Foundry Inc. develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain technology in their businesses. Blockchain Foundry Inc. has developed a proprietary blockchain-based ecommerce solution, Blockmarket, which is a downloadable software application, and has begun development work on a web-based Blockmarket application. Blockchain Foundry Inc. has also added personnel in the area of corporate development and business development to explore other blockchain-based opportunities going forward.

Forward-Looking Information

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. 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. Such forward-looking statements include, without limitation, the anticpated launch date of CPS Coin, the anticipated release date of version 3 of Blockmarket Desktop and the attributes thereof, the establishment of Syscoin Foundation, the growth of Syscoin and the expected benefits of that growth for the Company, the Company’s recruitment of a Head of Business Development, the Company’s pipeline of opportunities and the stages thereof and other factors.

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. 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.
Contact Person

Christopher Marsh
Chief Financial Officer
(647) 330-4572