Factom Market Valuation Jumps to Record $63 Million Following New Series A Funding Round

The digital currency token of blockchain as-a-service (BaaS) startup Factom, Inc., rose above $7.00 on Wednesday.

Investor interest in Factom’s tokens rose this week after the Texas-based startup, which utilizes blockchain technology to provide immutable storage of records in the medical and mortgage industries, completed a new Series A funding round on Tuesday to the tune of $8 million.

Factom’s new funding round saw participation from early investors like Draper Associates, Stewart Tile, Overstock and others, who injected a combined total of $5,326,522 USD into the promising startup.

“Now, Peeli Ventures, Harvest Equity, and a number of local Austin investors added another $2,703,274 USD, closing out the funding round.,” said Factom’s press release.

News of the new funding round sent the FCT/BTC exchange rate to an 8-month high of 0.006274 on Tuesday afternoon:

And according to charts from CoinMarketCap, the market capitalization of FCT rose on Wednesday to an all-time high of $63.3 million - almost doubling from the previous high of $33.4 million on August 29, 2016: