May 18, 2021 08:56 ET | Source: Blockchain Foundry Inc.
TORONTO, May 18, 2021 (GLOBE NEWSWIRE) — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to provide an update on its product strategy and roadmap.
As disclosed in the Company’s press release dated March 3, 2021, BCF is increasing its focus on product development. The Company has been working to define its product strategy and has now laid the foundation for a robust product roadmap which takes advantage of its substantial existing blockchain-related IP.
The Company’s roadmap for the remainder of 2021 includes the development of a proprietary BCF wallet for holding Syscoin digital assets as well as Ethereum-based tokens and Bitcoin. Once this foundational wallet has been developed, the Company will continue to build blockchain-based infrastructure which plugs directly into the wallet, including:
- Support for storing, creating and transferring non-fungible tokens (NFTs);
- Token swap between various blockchains within the wallet;
- Hardware wallet support;
- Integration with CAD and/or USD stablecoins created by BCF;
- Cross-chain bridging between Syscoin/Ethereum/Binance Smart Chain; and
- KYC, transactional rules/whitelists, and other compliance-focused solutions within a BCF-supported token ecosystem.
The Company intends to develop the products outlined in the table below in sequential order. A proprietary BCF wallet is expected by the end of Q3 2021. The timing for product development beyond the initial BCF wallet will depend on product traction at each stage, as well as other product and consulting opportunities that the Company may be presented with.
ProductDescriptionBenefit to BCFMonetizationProprietary Blockchain Foundry Wallet
- BCF proprietary wallet to interact with Syscoin and Ethereum ecosystems and enable future products
- Support for creating and managing Syscoin-based NFTs
- Support for Syscoin tokens, Bitcoin and Ethereum tokens
- Base infrastructure layer to enable future products
- Enables easy access to Syscoin ecosystem, including token layer and NFT creation and management
- Fees for NFT creation
- Low-cost swap between blockchain tokens (Syscoin, Bitcoin, Ethereum, others)
- Integrated into BCF wallet and available as standalone website plus API for third-party integrations
- Enhances usefulness of Syscoin ecosystem
- Fee charged on swaps
Hardware Wallet Support
- Ability to use BCF wallet with commercially available hardware wallets
- Add ERC721/1155 support to BCF wallet
- Increases vitality of BCF wallet and Syscoin ecosystem
- Provides infrastructure for Syscoin to be supported by custodial services
- Adds support for Ethereum-based NFTs
- Increase in BCF wallet adoption drives more opportunities to generate fees on wallet services
CAD and/or USD Stablecoin
- Syscoin-based CAD and USD-pegged tokens
- Ability to add custom transactional rulesets to enforce regulatory requirements
- Native integration into BCF wallet
- Increased wallet utility
- Enable hedging into fiat and remittance solutions on Syscoin
- Enable DeFi use cases around stablecoins
- Fees on purchase and redemption of stablecoins
- Potential for transaction fees
Cross Chain Bridge
- Enables users to easily move between blockchain-based token ecosystems (i.e. Syscoin to Ethereum to Binance Smart Chain)
- Native integration into BCF wallet
- Improves vitality of Syscoin ecosystem by leveraging utility of other major blockchains
- Broadens potential adoption for Syscoin and other BCF products
- Fee charged on each cross-chain transaction
- Allows blockchain projects and token issuers to define transaction rules and ensure regulatory compliance across jurisdictions
- Enables management of transaction limits, safe/whitelisted addresses, KYC requirements, account revocation/freezing, fully customizable rulesets, etc.
- White-label product with custom portal for each client
- Allows token issuers to add compliance layers, KYC, transactional rules and monitoring
- SaaS-based revenue model with additional transactional charges above certain thresholds
Some of the Company’s anticipated roadmap items may be subject to regulatory review and the appropriate licensing being obtained by BCF. The regulatory environment for certain blockchain and cryptocurrency products is evolving quickly and the Company will assess its regulatory requirements associated with any products or services.
“We are excited to present our intended roadmap for the duration of 2021 and look forward to continuing to build out our blockchain infrastructure and tooling,” said Dan Wasyluk, CEO of BCF. “We have always seen ourselves as a company that builds key blockchain infrastructure and the items on our roadmap continue this theme but also point to relevant and potentially significant monetization opportunities. We believe we are still in the early days of blockchain adoption and that our investments in our core infrastructure technology will position us well to obtain significant market share as the market for blockchain solutions and compliance-focused token infrastructure continues to grow.”
About Blockchain Foundry Inc.
Blockchain Foundry develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain technology into their businesses.
Blockchain Foundry Contact Information:
Chief Executive Officer
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, including, but not limited to, statements with respect to the business strategy and objectives of BCF, and the anticipated timelines for BCF’s future products. 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.
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, including, but not limited to, capital expenditures, other costs, or implied future forecasts related to the new products, the ability of BCF to succeed in carrying out its business, or that it will be successful in developing, commercializing or profitably operating its future products in the manner described herein, changes to the proposed structure of the products that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval for the products. In addition, certain future products may require BCF to become registered or apply for an exemption for registration for which there can be no assurance that such applications will be successful or completed in a timely manner. 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.
The forward-looking statements contained in this news release are made as of the date of this news release, and BCF does not undertake to update any forward-looking statements contained or referenced herein, except in accordance with applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary note.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.