Blockchain Foundry today announced that it closed the first tranche of a non-brokered private placement of 12,222,222 common shares at a price of $0.27 per share for gross proceeds of $3,300,000. Blockchain Foundry was established in 2016 with the goal of developing and commercializing blockchain-based solutions built on the Syscoin blockchain infrastructure platform, which the management team of the Company developed in 2014.
The company intends to use the net proceeds from the private placement to scale up its software development team, hire additional business development staff, and accelerate the development of its proprietary software products built using Syscoin’s technology stack.
“We are at an exciting time in the evolution of our company,” said Dan Wasyluk, President, and CEO of Blockchain Foundry. “This financing round lets us accelerate our development timetable and pipeline and gives us the resources to build Blockchain Foundry into a leading provider of innovative blockchain products and services.”
Commenting further, Mr. Wasyluk said, “There is currently tremendous interest in the blockchain space and Blockchain Foundry is well positioned to lead the charge towards building a blockchain-based economy. Our team has a proven track record and has successfully operated a leading blockchain protocol for several years. We look forward to working with our investors, clients, and partners to continue growing the business in 2018 and beyond.”
The company recently launched the Blockmarket Desktop Application for Syscoin, with a web application to come next.