Factom’s crowdsale to be held on 31st March

Factom, a blockchain-based recordkeeping network, has announced that its forthcoming crowdsale will be held on 31st March at 15:00 UTC, which will enable users to exchange bitcoins for Factom tokens that will be available upon its beta release.

Factom president Peter Kirby said that final launch date was decided folling the fulfilment of key objectives by the company, including certain confidence in the beta version as well as the finalization of targets with decentralized application crowdfunding platform Koinify.

"We wanted to run the cleanest software token sale in history. We don't want our customers to be caught up in that regulatory concern. It's a new asset class, so we have to make sure we're abiding by all the rules, but watching out for the rules that don't exist yet", Kirby told CoinDesk while adding that the project would avoid the drawbacks seen in the past on platforms such as Mastercoin.

Factom said that customers' information is not required as part of the sale, which will be replicated by Koinify.  

"Koinify's job is to make sure that the best practices as far as the accountability (milestones) and transparency of this sale are followed and implemented in the crypto field and we do not desire nor need to control funds or currencies," the company said and added that it does not accept or transmit virtual currency, control bitcoin addresses or hold public keys as part of the sale.