TIDMFFWD
RNS Number : 8394P
FastForward Innovations Limited
15 October 2019
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
15 October 2019
FastForward Innovations Ltd ("FastForward", "FFWD" or the
"Company")
Investee Company Update:
Factom Inc. launch Minable Network of Stablecoins with
US$200,000 of Pegged Asset Tokens issued pre-launch
NOTE: A Technical Glossary of terms used in this announcement is
set out at the bottom of this announcement.
FastForward Innovations Ltd, the AIM listed closed end
investment fund with a focus on disruptive high growth technology
and life sciences businesses, is pleased to announce that its
investee company Factom, Inc. ("Factom"), an Austin-based
blockchain technology company, has launched PegNet, an open,
distributed, autonomous and minable stablecoin network for an asset
backed payment cryptocurrency, that enables users to store value in
any of the listed fiat currencies, precious metals or
cryptocurrencies. FFWD currently holds approximately 2 per cent.
(on a fully diluted basis) of the issued share capital of Factom,
as well as a US$6 million SAFE note which will convert to new
shares in Factom on completion of a future equity fundraising, as
announced on 23 July 2018.
Overview:
-- Factom launches minable network of stablecoins
-- PegNet designed to shorten the settlement process and reduce
high transaction fees associated with third parties
-- Asset backing for coins using 'fiat' currencies (USD, Euro's
etc), precious metals or cryptocurrencies
-- FastForward continues to support its investee company
portfolio as it looks to provide exposure to disruptive technology
and life sciences businesses
-- PegNet expected to increase utility of the Factom blockchain,
adding mining to the Factom ecosystem; increased trading volume and
price of Factoids since PegNet launch*;
* Source: coinmarketcap.com
PegNet represents a new, asset backed cryptocurrency and payment
solution. It enables cryptocurrency users to hold value and make
payments in the form of any PegNet asset they would like, due to
the value management features of Pegged Asset Tokens (i.e. users
are able to choose their exposure to PegNet assets quickly and
easily without involving brokers and/or other exchanges). PegNet
tokens are digital copies of the fiat currency, cryptocurrency or
precious metal they mirror.
At launch there are 29 stablecoins including Gold, Silver, USD,
Euros, Ether, Factoids, and Bitcoin that can be held and stored as
PegNet assets in a user's wallet. Users can choose their exposure
to any of the pegged assets by simply converting between assets at
current market prices, while never leaving their wallet.
Conversions and transactions only cost 1/10th of a cent (US$),
making the PegNet perfect for payments and even micro-transactions
in any of the asset tokens within the PegNet.
PegNet is an open, decentralised protocol running on top of
Ethereum + Factom, creating a network of stablecoins which are
secured by Central Processing Unit (CPU) proof of work mining. The
PegNet platform has issued more than $200,000 Pegged Asset Tokens
pre-launch and miners have accumulated over 36 million PEG tokens
since mid-August 2019 (Source: https://PegNetMarketCap.com) .
Factom expects PegNet to increase utility of the Factom blockchain,
adding mining to the Factom ecosystem. Increased activity on the
Factom blockchain will increase the number of Factoids received by
Factom (which receives a quarterly grant for maintenance and
development work). In addition, Factom management intend to add
more cryptocurrency centric solutions utilising PegNet to smart
contracts executed using Factom's Harmony product and other
Blockchain as a Service (BaaS) products.
Miners, using computers, are rewarded 5,000 PEG tokens per
block, every 10 minutes, to provide market data to PegNet and as
part of the launch, the first conversion created c.$370 worth of
pGold. 42 participants and developers then received .001 Troy Oz of
pGold on the PegNet in a set of transactions with a total
transaction fee of about 1/2 a cent.
Because PegNet is a layer-two solution built on top of the
Factom protocol, it will have cross-chain interoperability
(mechanisms allow blockchains to verify information and
transactions across multiple chains, enabling data and assets to
move between them directly without the need for trusted third
parties or centralised solutions). Furthermore, the PegNet will
have gateways between Ethereum and similar platforms, allowing
other blockchains to offload some transactions to PegNet to scale.
Because PegNet is built on the Factom Protocol, all data is secured
by Bitcoin and Ethereum as Factom anchors into both.
The official launch event for PegNet was on 8 October 2019 in
Osaka, Japan at industry conference DevCon.
Greg Forst, Marketing Chair of Factom Protocol commented:
"Protracted processes and high transaction fees have hindered
mainstream adoption of digital assets. PegNet provides a mechanism
for managing payments across jurisdictions that bypasses the slow
and expensive processes associated with going to an exchange or
trading with another party. We provide consumers with the ability
to make payments with any of the assets in the PegNet (such as
assets pegged to Bitcoin or Gold) and allow the merchant to convert
those payments into the assets they need (like assets pegged to US
Dollars or Euros). All without the friction of going through
exchanges or payment processors."
Lorne Abony, Chief Executive Officer of FastForward commented:
"Factom have created an exciting platform and asset backed
cryptocurrency that has excellent potential to build traction. We
are delighted that the launch of PegNet has gone well and look
forward to news on the uptake. On a wider level, Factom represents
one of a number of investments that we believe have the potential
to rapidly re-rate and impact our NAV significantly. Our portfolio
covers disruptive high growth technology and life sciences
businesses, and we look forward to updating shareholders on a
regular basis on development and hopefully gain market recognition
for the portfolio and close the significant discount that our
Company is trading."
About Factom Inc.:
Factom, Inc. is an Austin-based blockchain technology company
that provides blockchain data provenance for complex industries.
Factom specialises in building scalable blockchain technology to
handle complex enterprise data and volume. Factom is the recognized
leader in providing blockchain solutions in order to preserve,
ensure and validate digital assets. For information, please visit
www.factom.com.
About FastForward:
Fastforward is a closed end investment fund, regulated by the
Guernsey Financial Services Commission ('GFSC'), with a focus on
disruptive high growth technology and life sciences businesses
particularly operating in the medical cannabis arena. The Company,
which has a highly experienced Board, currently has nine
investments of varying size, including EMMAC Life Sciences Plc
(Europe's largest medical cannabis company by territory, which
brings together cutting-edge scientific research with the latest
innovations in cannabis cultivation, extraction and production),
biopharmaceutical company Juvenescence which focusses on
therapeutic assets to target aging, regeneration and the diseases
of aging, Blockchain focussed Factom and Leap Gaming (a leading
developer of VR gaming software).
Technical Glossary
cryptocurrency a digital asset designed to work as a medium
of exchange that uses strong cryptography to
secure financial transactions, control the creation
of additional units, and verify the transfer
of assets
Ethereum an open source, public, blockchain-based distributed
computing platform and operating system featuring
smart contract (scripting) functionality
Factoid Factoids (FCT) are the native cryptocurrency
token for the Factom blockchain platform. Factoids
remain on Factom's blockchain and are traded
like any other cryptocurrency in the market.
Factoids enable users of the Factom blockchain
to add and transfer data on the Factom platform.
Factoid tokens are used to secure data by linking
them to Bitcoin's blockchain
fiat currency legal tender whose value is backed by the government
that issued it
stablecoin cryptocurrencies designed to minimize the volatility
of the price of the stablecoin, relative to some
"stable" asset or basket of assets. A stablecoin
can be pegged to a cryptocurrency, fiat money,
or to exchange-traded commodities (such as precious
metals or industrial metals)
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of
FastForward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
ENDS
For further information on the Company please visit
www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
De Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207
Cornish Nomad 628 3396
--------------------------- ----------------------
Graham Dickson Optiva Securities Limited, Tel: +44 (0) 203
Broker 411 1881
--------------------------- ----------------------
Megan Dennison St Brides Partners Ltd., Tel: +44 (0)207
Financial PR 236 1177
--------------------------- ----------------------
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
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END
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