Coinapult and Factom have struck a strategic partnership! As part of the collaboration, Coinapult will leverage Factom’s technology to enhance their transparency efforts, and Factom will use Coinapult as an important part of hedging value collected during its factoid software sale.
Also read: Tradle and Factom: Delivering Blockchain Economies Of Scale
Peter Kirby, President of Factom, commented on the partnership, stating:
Factom’s immutable ledger technology can help Coinapult create more transparent and accountable records to serve their customers better. Factom is excited about the opportunity to use Coinapult to manage our funds effectively and build a strong financial footing for the foundation. As these technologies in the blockchain space evolve, we’re excited to partner with people we know and trust, and build this new world together.
Coinapult CEO, Ira Miller, had the following to say:
Coinapult melds trustless, blockchain-based tokens like Bitcoin with familiar assets like US dollars. These are notoriously different and incompatible. Factom allows us to bridge the gap by digitally tagging and verifying centralized assets. Factom lets Locks act more like a cryptocurrency by limiting the trust required.
It is always the right time for transparency. Now is just the first time this sort of thing is possible. Factom didn’t exist until recently, nor did other cool projects like tlsnotify. This really is the bleeding edge.
About The Parties
Who is Coinapult?
Coinapult is a cryptocurrency wallet and broker, which has been lowering costs and other barriers to entry since Jan. 2012. Coinapult’s Locks service is a fast and simple way to use Bitcoin without worrying about price volatility. Locks deposits are 100% backed by the Lock asset (i.e. USD) and are redeemable on demand for bitcoins.
Who is Factom?
Factom is a generalized data layer for the blockchain that allows users to publish and verify any kind of digital information. The Factom technology is especially compelling for those who want to build trust with users by providing complete transparency and real time audit ability of their systems of record, while at the same time maintaining user privacy. Blockchain based authenticity verification and auditing of document and offers significant value for any business process one wants to make honest and accountable.
What is Coinapult going to use Factom for?
Coinapult’s token transaction transparency strategy focuses on eliminating trust through cryptography. The Factom technology uses the same cryptography behind Bitcoin to mathematically prove the existence of any data it receives by hashing that data and embedding the resultant traces into the Bitcoin blockchain. This creates a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail of Coinapult’s asset inventory reports, published by its custodian partners.
What is Factom using Coinapult for?
Factom has selected Coinapult to be one of its partners on its asset allocation model. More details will be announced in the coming weeks, along with a breakdown of the best practices Factom will employ in its software sale. Since Coinapult can offer a wide variety of exchange integration and over the counter trading, this shields the value the Factom Foundation collects from price swings associated in the market and preserves the value contributed by Factoid purchasers.
To learn more about the new partnership, watch the Factom and Coinapult collaboration announcement video below.
What are your thoughts? Does this sound like a promising partnership? Sound off in the comments.
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