Blockchain Foundry and Matic Network Establish Partnership to Research Blockchain Interoperability
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.
TORONTO, July 29, 2020 (GLOBE NEWSWIRE) — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to announce that it is partnering with Matic Network (“Matic”) to explore interoperability between the Syscoin and Matic networks.Matic and BCF’s Syscoin Ethereum bridge both provide scalability for the Ethereum network but approach it in different ways; Matic via sidechains and BCF via the trustless Syscoin Ethereum bridge which allows for scalable transactions. The two projects are complementary, and as partners, Blockchain Foundry and Matic will collaborate on research initiatives, joint ventures, and marketing and business development focused initiatives.“Scalability solutions each have their own approaches and advantages; collaboration is the key to the long-term success of the blockchain industry. By combining the scalability advantages of Matic Network and Syscoin, together we will be able to usher in a new era of true scalability for Ethereum-based DApps. We at Matic Network look forward to working with Syscoin to provide the infrastructure to enable the global Ethereum ecosystem to flourish and thrive,” said Sandeep Nailwal, COO of Matic Network.“With this partnership, we are tackling blockchain scalability through two complementary strategies. Matic Network provides a solution to the increasing congestion on the Ethereum mainchain. With our recently launched trustless Syscoin bridge to Ethereum, ERC20 tokens can hop over to Syscoin and benefit from its already scalable network for payments. The combination of all three networks (Syscoin, Ethereum & Matic) provides a powerhouse blockchain solution that developers can trust to fully scale their project,” said Dan Wasyluk, CEO of BCF.About Blockchain Foundry Inc.Blockchain Foundry Inc. (CSE:BCFN) is a global blockchain consulting and development firm. The company specializes in blockchain solutions and smart contracts for enterprise clients. Blockchain Foundry also develops and commercializes decentralized ledger technology like Syscoin.About MaticMatic Network Pte. Ltd. is a decentralized scalability platform solution using an adapted version of the Plasma framework that empowers Ethereum-based DApps with the high-speed and extremely low-cost transactions required to achieve mass adoption. With 60+ DApps building on their network already, Matic Network is one of the most widely adopted DApp platforms in the industry.The Matic Network blockchain achieves finality using PoS checkpoints which are pushed to the Ethereum mainchain. This enables a single Matic sidechain to theoretically achieve 65,535 transactions per block, and possibly millions of transactions on multiple chains in the future.Blockchain Foundry Contact Information:Chris Marsh
(647) 330-4572Forward-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.