Panama City and London, UK – March 11th, 2015.
Today, Coinapult and Factom are excited to announce their strategic partnership. Coinapult will leverage the Factom technology to enhance their transparency efforts, and Factom will use Coinapult as an important part of hedging value collected during its factoid software sale.
Factom has selected Coinapult as one of the partners it will use to lock in value contributed to the Factom Foundation during the software token sale.
Who is Coinapult?
Coinapult is a cryptocurrency wallet and broker, which has been lowering costs and other barriers to entry since Jan. 2012. Coinapult’s Locks service is the fastest, simplest way to use Bitcoin without worrying about price volatility. Locks deposits are 100% backed by the Lock asset (i.e. USD) and are redeemable on demand for bitcoins. Learn more at: Coinapult.com
Who is Factom?
Factom is a generalized data layer for the blockchain that allows users to publish and verify any kind of digital information. The Factom technology is especially compelling for those who want to build trust with users by providing complete transparency and real time audit ability of their systems of record, while at the same time maintaining user privacy. Blockchain based authenticity verification and auditing of document and offers significant value for any business process one wants to make honest and accountable. Check out examples and videos that explain how different companies can use this new platform: Factom.org.
What is Coinapult going to use Factom for?
Coinapult’s token transaction transparency strategy focuses on eliminating trust through cryptography. The Factom technology uses the same cryptography behind Bitcoin to mathematically prove the existence of any data it receives by hashing that data and embedding the resultant traces into the Bitcoin blockchain. This creates a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail of Coinapult’s asset inventory reports, published by its custodian partners.
What is Factom using Coinapult for?
Factom has selected Coinapult to be one of its partners on its asset allocation model. More details will be announced in the coming weeks, along with a breakdown of the best practices Factom will employ in its software sale. Since Coinapult can offer a wide variety of exchange integration and over the counter trading this shields the value the Factom Foundation collects from price swings associated in the market and preserves the value contributed by Factoid purchasers.