Blockchain Foundry announced on Thursday it will provide to LAVA Blockchain guidance on designing a blockchain-based architecture for LAVA’s coin platform.
As part of the agreement, Blockchain Foundry will provide LAVA Blockchain guidance on developing and designing the basis of LAVA’s coin platform by leveraging the Syscoin blockchain.
The LAVA platform was created to bring communities together by way of a Community Card program, which provides users access to everyday purchases for crypto holders. The platform also makes sure that a segment of small transaction fees are reinvested into its customers projects.
LAVA’s blockchain-based system implements Syscoin’s blockchain technology in order to provide fast and easy transactions, allowing customers to buy and sell with cryptocurrencies or fiat currencies in a secure and encrypted fashion.
Joy Case, founder and CEO of LAVA, said in the release she considered other blockchain-based solutions before choosing Syscoin and Blockchain Foundry’s system. Case added LAVA sought out the “very best in the industry” to back its enterprise blockchain solution.
“Our team has extensive experience in the payments, [merger and acquisitions], innovative technologies and real estate industry so we are a discerning group,” she said.
Case in point, one of LAVA’s primary goals is to disrupt the payments sector with safe and fast transfers of cryptocurrency and fiat funds at a global scale. It also aims to provide “true stable value” with an asset-backed token that is able to be used online and at-point of sale.
“We continue to believe in the migration of multitudes of businesses towards blockchain-based technology solutions for the foreseeable future, and we cherish the opportunity to share our in-depth knowledge and experience with LAVA,” Sebastian Schepis, CIO of Blockchain Foundry, said in the release.
Shares of Blockchain Foundry took a tumble following Thursday’s announcement. As of market close, the company’s stock had dipped 20 percent to close the trading session at C$0.06 on the Canadian Securities Exchange.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.