Factom (FCT)

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Factom (FCT)
Founded 2013
Headquarters Austin, Texas
Products Cryptocurrency
Twitter @factomprotocol
Facebook FactomProtocol/
Website https://www.factomprotocol.org/

Factom is the name of a blockchain protocol developed by Factom, Inc., an Austin, Texas-based start-up. Abbreviated (FCT), it is also the name of the blockchain's native coin.

By the time it received a $4 million Series A venture capital investment round led by Tim Draper in October 2016, Factom had three products on its shelf: a data protection tool, an identity solution and distributed data storage service.[1]

In June 2018 Factom received a $192,000 grant from the U.S. Department of Homeland Security to test technology and methods for improved security of border information that it had developed earlier with grant assistance from the department. The technology is to integrate data collected by the department's sensors and cameras onto a blockchain and was to be tested in simulations of low internet reliability and variable weather conditions.[2]

The original technology development had been partially funded by grants from the Department of Homeland Securities. The funding is a fourth tranche of a grant provided to Factom by the DHS in the course of its Silicon Valley Innovation Program, which allows tech companies to apply for $800,000 in funds over a 24-month period.[3]

FastForward Innovations Ltd, a U.K. investment firm, invested $6 million in Factom, Inc. in July 2018 which included a simple agreement for future equity (SAFE) for another $9 million.[4] On July 30, 2019, the SAFE was extended indefinitely.[5]

Factom, Inc's financial difficulties led it to seek Chapter 11 bankruptcy protection on June 18, 2020 after losses of $2.6 million in 2016, $4.3 million in 2017, $5 million in 2018and $4.8 million in 2019.[6]