April 2, 2020 Factom enters receivership after a failure to secure additional funds.

The Blockchain-as-a-Service (BaaS) company, Factom, has informed its creditors that it has entered receivership as part of a liquidation process. The decision was made on March 31st. Factom will now assign its remaining assets to its creditors. Until now, the company’s largest investor, FastForward, had been prepared to negotiate its $6 million simple agreement for future equity position in order to attract additional investors. FastForward’s Director, Ed McDermott stated that the company was unsure as to how Factom reached this financial state.