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Investee Company Update: Factom inc.

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RNS Number : 8394P
FastForward Innovations Limited
15 October 2019
 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

 

15 October 2019

 

FastForward Innovations Ltd ("FastForward", "FFWD" or the "Company")

Investee Company Update:

 

Factom Inc. launch Minable Network of Stablecoins with US$200,000 of Pegged Asset Tokens issued pre-launch

 

NOTE: A Technical Glossary of terms used in this announcement is set out at the bottom of this announcement. 

FastForward Innovations Ltd, the AIM listed closed end investment fund with a focus on disruptive high growth technology and life sciences businesses, is pleased to announce that its investee company Factom, Inc. ("Factom"), an Austin-based blockchain technology company, has launched PegNet, an open, distributed, autonomous and minable stablecoin network for an asset backed payment cryptocurrency, that enables users to store value in any of the listed fiat currencies, precious metals or cryptocurrencies.  FFWD currently holds approximately 2 per cent. (on a fully diluted basis) of the issued share capital of Factom, as well as a US$6 million SAFE note which will convert to new shares in Factom on completion of a future equity fundraising, as announced on 23 July 2018.  

Overview:

·      Factom launches minable network of stablecoins

·      PegNet designed to shorten the settlement process and reduce high transaction fees associated with third parties

·      Asset backing for coins using 'fiat' currencies (USD, Euro's etc), precious metals or cryptocurrencies

·      FastForward continues to support its investee company portfolio as it looks to provide exposure to disruptive technology and life sciences businesses

·      PegNet expected to increase utility of the Factom blockchain, adding mining to the Factom ecosystem; increased trading volume and price of Factoids since PegNet launch*;

 

* Source: coinmarketcap.com 

PegNet represents a new, asset backed cryptocurrency and payment solution.  It enables cryptocurrency users to hold value and make payments in the form of any PegNet asset they would like, due to the value management features of Pegged Asset Tokens (i.e. users are able to choose their exposure to PegNet assets quickly and easily without involving brokers and/or other exchanges). PegNet tokens are digital copies of the fiat currency, cryptocurrency or precious metal they mirror.  

At launch there are 29 stablecoins including Gold, Silver, USD, Euros, Ether, Factoids, and Bitcoin that can be held and stored as PegNet assets in a user's wallet.  Users can choose their exposure to any of the pegged assets by simply converting between assets at current market prices, while never leaving their wallet. Conversions and transactions only cost 1/10th of a cent (US$), making the PegNet perfect for payments and even micro-transactions in any of the asset tokens within the PegNet.

PegNet is an open, decentralised protocol running on top of Ethereum + Factom, creating a network of stablecoins which are secured by Central Processing Unit (CPU) proof of work mining.  The PegNet platform has issued more than $200,000 Pegged Asset Tokens pre-launch and miners have accumulated over 36 million PEG tokens since mid-August 2019 (Source: https://PegNetMarketCap.com) . Factom expects PegNet to increase utility of the Factom blockchain, adding mining to the Factom ecosystem. Increased activity on the Factom blockchain will increase the number of Factoids received by Factom (which receives a quarterly grant for maintenance and development work). In addition, Factom management intend to add more cryptocurrency centric solutions utilising PegNet to smart contracts executed using Factom's Harmony product and other  Blockchain as a Service (BaaS) products. 

Miners, using computers, are rewarded 5,000 PEG tokens per block, every 10 minutes, to provide market data to PegNet and as part of the launch, the first conversion created c.$370 worth of pGold.  42 participants and developers then received .001 Troy Oz of pGold on the PegNet in a set of transactions with a total transaction fee of about 1/2 a cent.

Because PegNet is a layer-two solution built on top of the Factom protocol, it will have cross-chain interoperability (mechanisms allow blockchains to verify information and transactions across multiple chains, enabling data and assets to move between them directly without the need for trusted third parties or centralised solutions).  Furthermore, the PegNet will have gateways between Ethereum and similar platforms, allowing other blockchains to offload some transactions to PegNet to scale. Because PegNet is built on the Factom Protocol, all data is secured by Bitcoin and Ethereum as Factom anchors into both.

The official launch event for PegNet was on 8 October 2019 in Osaka, Japan at industry conference DevCon. 

Greg Forst, Marketing Chair of Factom Protocol commented: "Protracted processes and high transaction fees have hindered mainstream adoption of digital assets.  PegNet provides a mechanism for managing payments across jurisdictions that bypasses the slow and expensive processes associated with going to an exchange or trading with another party.  We provide consumers with the ability to make payments with any of the assets in the PegNet (such as assets pegged to Bitcoin or Gold) and allow the merchant to convert those payments into the assets they need (like assets pegged to US Dollars or Euros).  All without the friction of going through exchanges or payment processors." 

Lorne Abony, Chief Executive Officer of FastForward commented: "Factom have created an exciting platform and asset backed cryptocurrency that has excellent potential to build traction. We are delighted that the launch of PegNet has gone well and look forward to news on the uptake.   On a wider level, Factom represents one of a number of investments that we believe have the potential to rapidly re-rate and impact our NAV significantly.  Our portfolio covers disruptive high growth technology and life sciences businesses, and we look forward to updating shareholders on a regular basis on development and hopefully gain market recognition for the portfolio and close the significant discount that our Company is trading."

 

About Factom Inc.:

Factom, Inc. is an Austin-based blockchain technology company that provides blockchain data provenance for complex industries. Factom specialises in building scalable blockchain technology to handle complex enterprise data and volume.  Factom is the recognized leader in providing blockchain solutions in order to preserve, ensure and validate digital assets. For information, please visit www.factom.com.

About FastForward:

Fastforward is a closed end investment fund, regulated by the Guernsey Financial Services Commission ('GFSC'), with a focus on disruptive high growth technology and life sciences businesses particularly operating in the medical cannabis arena.  The Company, which has a highly experienced Board, currently has nine investments of varying size, including EMMAC Life Sciences Plc (Europe's largest medical cannabis company by territory, which brings together cutting-edge scientific research with the latest innovations in cannabis cultivation, extraction and production), biopharmaceutical company Juvenescence which focusses on therapeutic assets to target aging, regeneration and the diseases of aging, Blockchain focussed Factom and Leap Gaming (a leading developer of VR gaming software). 

 

Technical Glossary

cryptocurrency

 

a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets

 

Ethereum

 

an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality

 

Factoid

 

Factoids (FCT) are the native cryptocurrency token for the Factom blockchain platform. Factoids remain on Factom's blockchain and are traded like any other cryptocurrency in the market. Factoids enable users of the Factom blockchain to add and transfer data on the Factom platform. Factoid tokens are used to secure data by linking them to Bitcoin's blockchain

 

fiat currency

legal tender whose value is backed by the government that issued it

 

stablecoin

cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some "stable" asset or basket of assets. A stablecoin can be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals)

 

 

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

ENDS

 

For further information on the Company please visit www.fstfwd.co or contact:

 

Ed McDermott / Lance De Jersey

FastForward Innovations Ltd

Email: [email protected]  

 

James Biddle / Roland Cornish

Beaumont Cornish Limited, Nomad

Tel: +44 (0) 207 628 3396

 

Graham Dickson

Optiva Securities Limited, Broker

 

Tel: +44 (0) 203 411 1881

Megan Dennison

St Brides Partners Ltd., Financial PR

 

Tel: +44 (0)207 236 1177

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: FastForward Innovations

Price: 6.2949

Market: LSE
Market Cap: £10.17 m
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