FOR IMMEDIATE RELEASE

An emerging startup combining Ripple’s gateway technology with an open-source project called Factom is announced this week. Aptly named, Factoids.io – the London, UK based Fintech company is establishing the first integrated Bitcoin and Ripple gateway exclusively for Factoids – the network token that powers the Factom network.

Factom is a Blockchain technology that has created a notarized audit trail for use by institutions, governments, and corporations for immutable record keeping. They’ve been in the news recently with a series of partnerships, namely HealthNautica a medical billing company and Bitsapphire a Blockchain startup delivering anti-corruption technology. At the foundation of these partnerships, is the increasing use of Factom’s network asset – the Factoid.

Factoids.io is built with a focus on institutional fund custodians and market makers, including banks, credit unions, asset exchanges, brokerages, and foreign exchange firms. This new technology is designed to be fully compliant with KYC and AML regulations while enabling real-time settlement of cross-border and interbank payments with no foreign exchange risk and no need for correspondent banking relationships.

This is made possible by Ripple, an open source payment and settlements platform designed for use by Banks and Institutions. The advantage of Ripple’s technology involves its use of trust-lines and gateway agents for transaction flows – a model that is more familiar to traditional banking. It has an immutable ledger and distributed network of nodes that authenticate transactions in an architecture that many in Bitcoin will be familiar with.

The goal behind Factoids.io is to combine the instantaneous benefits of Ripple’s atomic swap feature when exchanging Bitcoin/USD for Factoids. This creates a frictionless process for financial organizations looking to create permanent records with Blockchain technology – a process which requires the use of Factoids.

The team behind this project includes Jacob Dienelt, CEO and Founder of Immutable Data Partners and formerly of Morgan Stanley Wealth Management who recently joined Factom as Treasurer along with, Brian Santos CEO of eSpend, a technology services company based in San Francisco, CA. eSpend has worked with several prominent companies in the digital currency space, assisting them in building sophisticated and compliant virtual currency solutions.

Factoids.io will be available for institutional clients during the Factom token sale which continues until May 15th.

For more information about http://factoids.io/, please contact [email protected];
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