Factom and Coinapult Partner For Token Sale

Founded in January 2012, Coinapult was focused on introducing Bitcoin to new users in a simple and easy manner. “At first, we let people send Bitcoin to email addresses and cell phones. In the past few years, our service has evolved to a full wallet with advanced features” explains Ira Miller, Coinapult Founder.

In the 3 years since launch Coinapult has grown in scope and reach. The company now provides tools aimed at disrupting consumer and small business commerce in the developing world.

“Our services are designed to have the lowest possible barrier to entry and to let users opt out of price volatility. For instance, our US dollar Locks can provide stable and freely mobile money to oppressed people,”
— – Miller

The Coinapult Locks feature was one of the first Bitcoin specific hedging tools, aimed at mitigating the risk of volatility. Using the tool allows Bitcoin holders to peg the price of their holdings to the price of major Fiat currencies, or the price of gold. As the Coinapult team puts it, “$1,000 of Bitcoin today will be worth $1,000 today, tomorrow, next month, and next year (as long as you keep it Locked).”

“Factom gets to use Coinapult’s tech towards a better asset allocation strategy. Coinapult is looking to use the distributed, immutable ledger to build more transparent systems for their customers,”
— – Peter Kirby, Factom President

Factom is a company that focuses on database management and record-keeping, via real-time audits. The company provides a data layer for the blockchain. “We started Factom to help fulfill some of the promises of blockchain technology. The blockchain is amazing, but it’s limited by speed, cost, and of course, the bloat problem,” said Kirby

Kirby and the Factom team have been big fans of Coinapult for some time, and are looking forward to joining forces prior to the upcoming token sale. Factom have been on the lookout for a hedging solutions that protect funds from volatility.

“Coinapult is part of our strategy to protect these funds. So, the more secure our purchasers feel with the technology and asset allocation roadmap, the more they can purchase through Koinify”
— – Kirby

The Koinify team have been quietly carving out a niche in the Bitcoin Industry. The company provides a marketplace for decentralized applications powered by blockchain technologies. Backers come to purchase tokens that give them access to the application, which in turn helps fund further development. Kirby believes they have done a great job in cleaning up the token sale environment. “They do a tremendous job of due diligence (their team has flown to Austin to meet with us twice in the last few months). We’ve been working together to build a development roadmap that’s financially tied to the release of funds. This helps purchasers of tokens know that the endowment is secure and used effectively,” said Kirby

The symbiotic relationship between Coinapult and Factom is a true testament to the Bitcoin community working together to build smarter systems.

“So much of the evolving blockchain technology is a collaborative effort. We’ll be able to share ideas and help build better tools together,” said Kirby, “Open-source projects are collaborative by nature, so the more deep relationships we have, the better the technology evolves.”

Miller knew he wanted to use Factom for transparent reporting after a  conversation with Factom team members, Paul Snow and David Johnston, at the Dubai Bitcoin Conference.

The benefit for Coinapult, as Miller sees it, is that Factom fills a gap in their technology stack. “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,” said Miller.

“There are a number of areas in which Factom could be applied, including cryptocurrency storage, fiat storage, price feeds and transaction details. Because the potential is so broad, we need to proceed carefully to ensure consistent security and user privacy,”
— – Miller