Factom (FCT) climbed 65% from Wednesday through Saturday, as it continued to ride the recovery wave while the rest of the market stalled.
The price surge comes amid news that Factom’s Harmony blockchain-as-a-service (BaaS) technology is to be used by mortgage software and marketing firm, Equator, as a way to increase efficiency.
Factom Price on the Move
The press release announcement landed on November 13th, just as the recent market dip struck which wiped $38 billion off the global market cap. The value of FCT sunk along with the rest of the market, hitting a new 20-month low of $3.81, and a market cap of just over $30 million.
Since then, however, FCT’s fortunes turned round and the coin went on a day-on-day growth surge up to a price of $6.30 – a 65% increase. That was enough to take Factom’s market cap to over $50 million, and send it into the top hundred coins by market cap.
Of FCT’s trade action for Saturday, 100% of trades have come against BTC. Factom only has one other trading pair to its name – the CK USD (CKUSD) stablecoin. Poloniex catered to the majority of movements, with Bittrex, Upbit and Cryptopia picking up the rest.
Factom Gains Mortgage Service Use-Case
As per the press release which announced Factom’s new partnership:
“Equator, an Altisource business unit and a leading provider of residential loan default software and marketing solutions for many of the country’s top servicers, real estate agents and vendors, today announced an agreement with Factom, Inc. to integrate the Factom®Harmony blockchain-as-a-service (BaaS) platform into the Equator® PRO solution.”
According to the press release, Equator PRO is a software-as-a-service (SaaS) solution that aims to offer efficiency and oversight to help other mortgage servicers. Their platform includes but is not limited to:
“…loan management, loan modification, short sale/deed-in-lieu, foreclosure/bankruptcy, and real estate owned (REO) focused products…”
In the plainest of language, Factom just got a real-world use-case for its blockchain tech. Thus far, the technology is expected to be used to:
“…provide a distributed mechanism to preserve data, files and digital records, making them verifiable and independently auditable…”
Patrick G. McClain, Senior Vice President of Equator talked up the partnership, stating:
“Incorporating Factom’s blockchain tools will support our customers’ compliance obligations. At Equator we are regularly working to improve and advance our default servicing technology, and adding cutting-edge tools like Factom’s Harmony is another example of our continued leadership.”
Chief Operating Officer of Factom, Laurie Pyle, also celebrated the news, stating:
“At Factom we know a practical blockchain solution is needed to specifically deal with complex business data and documents. We look forward to working with Equator, who shares the vision of using blockchain technology to bring transparency and efficiency to the default servicing process.”
Factom launched just over three years ago and was subject to lots of positive chatter up until the ICO era came into play, and Factom was relegated from CoinMarketCap’s first page.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.