Blockchain Foundry Activates World’s First Bridge Between the Syscoin and Ethereum Blockchains

TORONTO, Jan. 29, 2020 (GLOBE NEWSWIRE) — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN) (FWB:8BF) (OTC:BLFDF), a leading North American blockchain development firm, is pleased to announce that it has successfully activated a new bridge protocol between the Syscoin and Ethereum blockchains.
The new protocol is a first of its kind. It uses cryptographic proofs between blockchains to enable a trustless bridge for token interoperability. This means that existing Ethereum projects can take advantage of Syscoin’s fast, low cost transactions to help projects scale beyond what the Ethereum network is currently capable of. Syscoin and Syscoin Platform Tokens will also be able to leverage the bridge, enabling Syscoin projects to use Ethereum’s smart contracting capabilities and wallet ecosystem.“We are excited to activate the Syscoin-Ethereum bridge. The new use cases it enables for both Syscoin and Ethereum users are a direct response to the needs that clients in our market space have demanded,” said Dan Wasyluk, CEO of BCF. “With these enhanced capabilities BCF can deliver a new breed of blockchain solutions to clients that leverage the strengths of both of these ecosystems.”BCF’s open-source contributions to the Syscoin protocol are supported by Syscoin’s decentralized governance system which provides development grants in the form of Syscoin tokens. BCF currently holds approximately 3.8 million Syscoin tokens which were valued at $122,071 as of September 30, 2019 (the date of the Company’s last financial report). The majority of BCF’s Syscoin holdings are used to operate masternodes which generate a return of approximately 15% per year for the Company in Syscoin tokens.About Blockchain Foundry Inc.Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN) (FWB:8BF) (OTC:BLFDF) is a global blockchain consulting and development firm. BCF develops and commercializes decentralized ledger technology, custom blockchain solutions and smart contracts for enterprise clients.Blockchain Foundry Contact Information:Chris Marsh
President & Chief Financial Officer
(647) 330-4572
[email protected]
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR RELEASE, PUBLICATION OR DISSEMINATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.Forward-Looking InformationCertain 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. 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. 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.
CBJ Newsmakers