Leading blockchain development team announces the formation of Blockchain Foundry; Initial commercial product will be the world's first blockchain-based e-commerce platform

TORONTO, Aug. 22, 2016 /CNW/ - Blockchain Foundry Inc. ("Blockchain Foundry" or the "Company") today announces its establishment as a leading developer of blockchain solutions for businesses and individual consumers. The Company provides blockchain solutions using several of the most developed and robust blockchain technologies, with plans for its product offerings to be interoperable between these different blockchain technologies. A key focus in Blockchain Foundry's products will be to provide end users with the benefits of blockchain technology without requiring them to understand or know that blockchain technology is powering their experience.

The Company's initial commercial product, known as Blockmarket, is a web-based e-commerce platform which will allow online retailers, entrepreneurs and individual sellers to create and access individual marketplaces hosted entirely on the Syscoin network, a Company-developed blockchain platform. Blockmarket will significantly decrease listing costs incurred by retailers currently using other services and will provide 100% uptime and state of the art security.

Blockchain Foundry's first public blockchain initiative was released in August 2014 and is powered by a token called Syscoin, a cryptocurrency based on the same algorithm used in the Bitcoin network. Syscoin trades on multiple digital asset exchanges and has a current market value of more than US$6 million. Syscoin has already partnered with Microsoft as a member of Microsoft Azure's Blockchain-as-a-Service ("BaaS") platform. Blockmarket is currently undergoing Microsoft certification and the Company anticipates that it will be available on the Azure Marketplace before the end of 2016.

"We are excited to announce the formation of Blockchain Foundry and are working hard to complete the Blockmarket platform as expeditiously as possible," said Dan Wasyluk, President and CEO of Blockchain Foundry. "In tandem with our product initiatives, we have added additional talent to our team aimed specifically at raising capital to bolster our development resources and accelerate the realization of our vision to be a leading blockchain services company."

Commenting further, Mr. Wasyluk said, "The announcement of Blockchain Foundry is an important milestone in our development as a maturing fintech organization. Our team has demonstrated our blockchain expertise through three years of continuous development in a technological space that is constantly evolving. Our ability to keep pace with these changes is exemplified by the recent release of the Syscoin 2.0 reference client in May 2016. We are working with our partners at Microsoft to obtain product certifications on the Azure Marketplace platform, making Blockchain Foundry's product the first bitcoin-derived offering to be Microsoft Azure certified. We are excited about the immense potential blockchain technology has to transform and disrupt many different markets. We look forward to exploring this potential through Blockchain Foundry and will be providing regular updates on our progress over the next several months."

About Syscoin

Syscoin is a blockchain protocol that provides businesses and individuals the ability to trade goods, assets, digital certificates and data securely. The Syscoin token trades under the symbol "SYS" on leading digital asset exchanges including Poloniex (poloniex.com), BTC38 (btc38.com) and Bittrex (bittrex.com). For more information please visit syscoin.org.

About Blockchain Foundry

Blockchain Foundry is an emerging blockchain-technology development company. The Company developed the Syscoin protocol in 2014 and designs and develops commercial blockchain-based solutions for businesses and individual consumers. To learn more about Blockchain Foundry please visit blockchainfoundry.co. 

SOURCE Blockchain Foundry Inc.

Blockchain Foundry Inc., Sebastien Dimichele, CFO, [email protected]