Factom Raises $1m to Create Blockchain-based Data Layer

Decentralized record-keeping startup Factom Inc. has raised over $1 million ahead of the closure of its first funding round on 22nd July tomorrow.

The funds have been raised through a crowdsale on BnkToTheFuture.com, a FinTech-based global online investment platform which has reportedly attracted over 300 investors to the Texan data storage company. Originally, Factom had planned to attract a minimum of $642,000 by July 22nd. But soon upon hitting its expected figures, the company’s chairman, Mr. David A. Johnston, decided to continue into “over funding”.

“During the “over funding” period participants can see we have already reached our stated goal and they can support our efforts at the same terms,” he had announced. “So to be clear Factom Inc. is setting aside some more of the seed round shares for participants that take part through BnkToTheFuture.”

With just less than 24 hours to go before Factom closedowns the seed round, the company would be having enough funds to support its development plans, which include the creation of a Bitcoin’s blockchain-based data layer to record and store information. As stated in the company’s earlier statements, they would be looking to dispense their services for a wide range of purposes. They include everything from handling medical records, voting datas to safekeeping legal documents and property titles.

With said so, Factom has already been reported to have partnered with the Government of Honduras to assist their land registry initiative. According to a report from Reuters, the company would be helping the government in building their first “permanent and secure land title record system.”

The project is expected to conclude by the end of this year. While, Factom’s very own product is expected to be out by upcoming Autumn.

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