Factom project announces liquidation after unsuccessful attempt to raise funding

The well-known blockchain startup Factom, which was one of the first to conduct a token sale, announced the start of the procedureself-liquidation, reports CoinDesk.

In a document addressed to the London Stock Exchange, the largest Factom investor FastForward writes the following:

Factom Board of Directors Notifies FastForward ofadopted on March 31, 2020, the decision to start the process of alienation of property in favor of creditors, due to the lack of additional funding. "

According to the decision, FastForward will receive most of the company's assets, including intellectual property. The timing of the elimination of Factom is not called.

FastForward CEO Ed McDermott said his company does not understand how Factom could face such a difficult financial situation.

“We are extremely upset by this news from Factom.”- he emphasized.

Based in Austin, Texas, Factom began operations in 2014, offering the market blockchain solutions for data verification and security.

In subsequent years, the project has repeatedly attractedfunding and received grants, including from government and the Bill and Melinda Gates Foundation. In 2015, Factom was one of the first in the crypto industry to conduct a token sale, collecting 579 BTC.

Earlier, ForkLog reported that the US Securities and Exchange Commission requested the Enigma ICO project to return $ 45 million to investors.