Blockchain Foundry Invests CAD$1 Million to Purchase 2.2 Million Syscoin for Treasury; Total Syscoin Treasury Reaches Approximately 6.4 Million Syscoin Tokens
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.
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