Blockchain Foundry invests CAD$1M to purchase 2.2 M Syscoin

Blockchain Foundry invests CAD$1M to purchase 2.2 M Syscoin
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TORONTO – Blockchain Foundry Inc. (CSE:BCFN), a North American blockchain development firm, reported 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 rates. 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%, 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 says it intends to create decentralized finance applications, including NFT systems, using Syscoin’s infrastructure.

“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. The Company says it expects that LUX and the related products it supports will enhance BCF’s reputation and contribute further to BCF’s growth and the overall growth and acceptance of the Syscoin ecosystem.

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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