On January 22, 2019 Blockchain Foundry (BCFN.C) announced a strategic partnership with Bitbuy, an online trading platform that lets users buy and sell digital currencies.

As an investable sector – shiny-new blockchain has been tortured with old-fashioned instruments – although no-one is suggesting the underlying technology is fraudulent.

The problem with the blockchain sector is that many of the business models feel like they’ve been scrawled on a mirror with sparkly-pink lipstick at 2 a.m. – after a night of guzzling Black Russians and snorting Peruvian marching powder.

Blockchain Iced Tea anyone?

Fuck Tokens (“Show Friends That You Give A Fuck!”).

Whoppercoin (only redeemable at Burger King in Moscow).

Blockchain Foundry is an adult company with adult objectives.

BCFN develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain technology into their businesses.

Here’s a concise Blockchain Foundry overview:

Bitbuy – founded in 2013 – provides Canadians with “convenient, dependable and secure access to Bitcoin and other digital currencies.” It is a division of First Ledger Corp – a Toronto based fintech and blockchain company.

The digital currencies available now on Bitbuy are: Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Blockchain Foundry and Bitbuy will cooperate on several initiatives including:

  • The build-out of a fiat currency to Syscoin onramp for BCF’s suite of products, including its upcoming Pangolin payment and smart contract plugin
  • The addition of Syscoin to Bitbuy’s digital asset trading platform
  • Participation in BCF’s affiliate sales program for ARCHOS’ cold-storage devices
  • Provide access to Bitbuy’s fiat and digital asset trading services.

“The partnership with Blockchain Foundry will help spread the adoption of the Syscoin protocol and ARCHOS’ hardware devices,” stated Adam Goldman, co-founder of Bitbuy. “We believe this partnership will provide value to existing and future Bitbuy users.”

Bitbuy has published a self-effacing and informative overview of the blockchain sector.

“Canadian regulators have a track-record of acting fast on cryptocurrencies,” stated Bitbuy, “In 2014, the Parliament of Canada passed the world’s first national law on digital currencies (Bill C-31).

2018 Achievements:

  • The Canadian Securities Administrators (“CSA”) approved three cryptocurrency investment fund managers: Majestic Asset Management, Rivemont Investments, and 3iQ Corp.
  • Participated with American regulators to launch “OperationCryptosweep” – producing 70 inquiries and investigations, with actions taken in about 50%.
  • Cryptocurrency exchanges are now classified as Money Services Businesses (MSBs) regulated by FINTRAC and must be compliant with stringent KYC/AML policies/procedures.

“The cryptocurrency and blockchain industry have been negatively stereotyped as a male dominant industry,” states Bitbuy, “It is an industry that sees over 80% of males in the industry and over 95% of males in leadership positions.”

Bitbuy cites Pam Draper as a rare counter-example. Draper spent 14 years in investment and corporate banking, before being appointed President and CEO of Bitvo, an international cryptocurrency exchange tailoring its services to institutional and professional investors.

Bitbuy quotes a Finder.com study, that estimates 4.8 million Canadians have purchased cryptocurrency at some point in their lifetime.

That represents approximately 16.5% of the overall population – more than a 3x increase from 2017 to 2018, despite the move towards a bear market.

“Canadian digital currency platform Bitbuy doubled down this year, seeing tremendous growth in 2019,” stated the report, “The platform re-branded with a new logo, clean and simple interface and new features including a competitive fee model, advanced quoting and charting capabilities.”

“We identified major customer service problems in the digital currency market place,” stated Jordan Anderson, VP of Marketing & Sales, “We’ve rebooted the company to address this – by optimizing our online customer service portal and by staffing up our customer service team.”

Bitbuy’s goal is to be “the fastest growing digital currency platform in Canada”, and the company has partnered with Blockchain Foundry to help them achieve that goal.

Key numbers:

  • 7% – Bitcoin Ownership % in BC, leading the way in Canada.
  • 12 – Crypto Unicorns – above $1B market cap
  • 2% – Increase in Bitcoin Hashrate as of Sept.30/18
  • 63% – increase in worldwide crypto users in 2018
  • 75% – Bitmain market share in global market for mining equipment
  • 83% – Bitcoin Awareness in Canada for Population Aged 55+
  • 342 – Number of Cryptocurrency companies dissolved in the UK during 2018
  • 420 – Percentage Increase in Bitcoin price from Dec. 20 2016 – Dec. 20 2018
  • 466 – Number of Crypto Funds worldwide
  • 1,658 – current number of cryptocurrencies in circulation
  • 4,000 – Number of Bitcoin ATM machines operating in 2018
  • 136,045 – Number of Bitcoin Transacted on Canadian Exchanges last 6 months (CBIX)
  • $136M USD – Amount of money lost by Mike Novogratz cryptocurrency merchant bank Galaxy Digital through first 9 months of 2018
  • 460M – number of wallet addresses on the bitcoin blockchain, of which 172M are economically relevant, and 25M are associated with private wallets holding bitcoin

“Bitbuy’s fiat on-ramp and digital asset trading platforms are valuable components of the blockchain ecosystem,” stated Dan Wasyluk, CEO of Blockchain Foundry, “We are excited to be partnering with them to bring both the ARCHOS Safe-T Touch device and Bitbuy’s robust platform services to a larger user base.”

Full Disclosure: Blockchain Foundry is an Equity Guru marketing client.

Written By:

Lukas Kane

Lukas Kane was previously the CEO of a North American investment news syndicate. He was also the Communication Director for a consortium of publicly traded companies. A Senior Writer at Equity.Guru, Mr. Kane writes about mining, cannabis, energy, technology and biotech.

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Could be a good hookup with Bitbuy but they don’t trade all coins