Factom (FCT) announced on March 31 that they will begin liquidating assets in order to partially pay off creditors. This appears to be the end of one of the first initial coin offering (ICO) companies.
Factom (FCT) conducted their ICO in August 2015 and raised $140,000 of Bitcoin (BTC). Back then the price of Bitcoin (BTC) was much lower, so ultimately they received 579 Bitcoins (BTC) which are currently worth $4 million. However, Factom (FCT) probably sold off these Bitcoins (BTC) a long time ago.
In addition to the ICO funding, Factom (FCT) has raised $18 million from investors over the years. Most recently, investment firm FastForward invested $6 million into Factom (FCT).
Now FastForward will be receiving the large majority of Factom’s (FCT) assets and intellectual property.
This news is perhaps surprising considering that just last year Factom (FCT) received a grant from the United States Energy Department to use Factom’s (FCT) blockchain to secure the nation’s power grid, and that Factom (FCT) is used by the Department of Homeland Security and the Bill Gates Foundation.
All of this being said, Factom (FCT) will not go offline, since it is a decentralized blockchain. Rather, Factom (FCT) will keep running, but there will no longer be a corporation working on the development and marketing.
In any case, the Factom (FCT) price is reacting quite negatively to this news, and is quickly plummeting.