Blockchain technology startup Factom has reached its $1 million investment goal on BnkToTheFuture, a crowdfunding platform geared toward the crypto industry.
Factom is a startup looking to help businesses and governments use the blockchain as a new way of recordkeeping for various applications, such as medical records, property titles, legal applications and financial systems. Recently, it partnered with the Honduras government on a project to restore integrity to its land title system.
The idea is to have permanent, decentralized and tamper-proof records by leveraging the blockchain to build an “immutable data layer.”
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The milestone represents the latest investment in a blockchain tech-oriented company, correlating with the noticeable shift of attention to the discipline in recent months.
The funding goal was reached with 6 days remaining in its campaign. Investors are to receive a 7.8% stake in the startup, implying a total valuation of $12.8 million. 230 “backers” have taken part in the round.
On BnkToTheFuture, investors gain a share in the company, require more paperwork and can pledge before actually investing. Backers are not shareholders, instead eligible for rewards offered by the Pitch owner. They pay up front, but get a 7-day “cooling off” period should they change their mind.