Factom Prices Rise After Extended Series A Funding RoundMay 22, 2018, 2:20PM
The cryptocurrency market is red once again with most of the top 100 assets down by low single-digits. Factom bucks the trend.
The cryptocurrency market is red once again with most of the top 100 assets down by low single-digits. The altcoins lead the decline with Bitcoin dominance rising slightly to 37.7% of the market. But despite the ongoing bear market, Factom (FCT) represents glimmers of hope for the sector. The asset is up by double-digits after positive news catalysts.
Why is Factom Up Today?
The rally comes after the Factom organization announced that it had raised $8 million during its extended series A funding round. The investment is backed by a long list of partners including Harvest Equity, Fenbushi Capital, and Draper Associates. This is the latest development in the organization's ongoing attempts to find useful applications for its technology.
Earlier in the year, the startup entered into a joint partnership with ISoftStone to work on smart cities in China.
Tim Draper, the founder of Factom, believes his project is poised for long-term success, and he states the following:
“Factom is in the sweet spot (right place right time) where the blockchain is mature enough and corporate clients are desperate enough to fight against the hackers making their businesses safe and transparent."
Factom is up by 14.13% in the last 24 hours for a per unit price of $20.82 and a total market cap of $182.09 million. Volume is quite low at only $1.25 million. The asset now occupies the 89th position on coinmarketcap.com just under Storm (STORM) and Dragonchain (DRGN).
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.