TORONTO, June 09, 2021 (GLOBE NEWSWIRE) -- Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE: BCFN), a leading North American blockchain development firm, is pleased to announce a partnership with BIGG Digital Assets Inc. (“BIGG”) (CSE: BIGG), owner of Blockchain Intelligence Group (“BIG”), to provide a risk scoring and blockchain forensic solution for stablecoin, NFT and fractional NFT creators. The solution will support multiple blockchains and will focus on the unique regulatory compliance technology available exclusively to Syscoin-based tokens. The product aims to enable regulatory and compliance rulesets to be integrated into a wide range of token-based offerings including stablecoins, NFTs, fractional NFTs, security tokens and more. BCF’s upcoming wallet product will seamlessly integrate with this compliance tooling and infrastructure. The product will also be available to other virtual asset service providers as an API; providing issuers and users with a robust ecosystem for acquiring, holding, managing and transacting a multitude of digital assets.
BCF and BIG will launch a combined product offering to create scale, transparency and security for stablecoins and other digital assets across multiple blockchains. BitRank Verified® and QLUE™ will be integrated within BCF’s on-chain compliance solution and wallet-to-wallet transaction monitoring capabilities. These combined capabilities produce real-time risk mitigation and more to entities operating stablecoins and other digital assets.
Security tokens require rule sets and additional checks, and the combined offering will bring trust and compliance to the blockchain, making it accessible for broad adoption. Furthermore, as stablecoins are centrally issued, and regulation stipulates regular checks, entities can now track exchanges on a transactional level with this new joint solution. These entities can apply pre-authorization compliance to each transaction for preventative measures instead of reacting after a transaction has already been processed. The public nature of BCF and BIGG means added transparency with audit checks at required intervals. The first phase of integration includes BitRank Verified® ahead of its official launch later this year. BitRank Verified® and QLUE™ will be available to customers through BCF’s product integration, enabling an additional layer of regulatory compliance for issuers while providing the potential for additional revenue for both organizations. BCF has agreed to pay BIG approximately $133K in order to enable this functionality within BCF’s product.
BCF has spent the last year solving custody-free opt-in on-chain compliance in ways that would not negatively impact complexity and fees for users yet allows asset issuers to easily monitor and adjust policies affecting their user-base as required in realtime. With the recent Syscoin Lux release, the protocol now offers the ability for asset issuers to opt-in to enable an on-chain pre-transaction compliance feature unique to Syscoin where business rulesets may be managed off-chain but enforced on-chain through a single signature, making it an industry leader for the most lean, efficient and flexible compliance system encompassing digital assets rules and regulations for any jurisdiction.
On the new partnership, Jag Sidhu, Chief Technology Officer, Blockchain Foundry said, “We are creating the tools needed for adoption and enablement of stablecoins, commodity-based digital assets and digital security tokens operating on public permission-less settlement ledgers through the oncoming and pending regulatory frameworks. Through the use of QLUE and BitRank® offerings we can not only allow for issuers to react to situations requiring regulatory actions but, for the first time on a public ledger, become preventative to enable compliance in the same ways that traditional financial transfers take place all while the users hold their tokens in their own digital wallets.”
"Blockchain Intelligence Group is positioned strongly to support present and future mass adoption of stablecoins and supports transparency," said Lance Morginn, President, BIG. "By partnering with Blockchain Foundry, a leader in blockchain-based business solutions, we will offer a comprehensive solution for stablecoins, security tokens, and fractionalized NFTs supported on the Syscoin blockchain ecosystem.”
Banks and governments offering stablecoins or Central Bank Digital Currency (CBDC) can monitor in real-time any links to nefarious activities and illicit actors. With QLUE™ as part of the combined product offerings, these entities can now also trace stablecoin transactions starting with Syscoin.
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.
About BIGG Digital Assets Inc.
BIGG Digital Assets Inc. (“BIGG”) believes the future of crypto is a safe, compliant, and regulated environment. BIGG invests in products and companies to support this vision. BIGG owns two operating companies: Blockchain Intelligence Group (blockchaingroup.io) and Netcoins (netcoins.ca).
Blockchain Foundry Contact Information:
Dan Wasyluk
Chief Executive Officer
(647) 794-0994
dwasyluk@blockchainfoundry.com
Forward-Looking Information
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.
