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Blockchain Company Factom Filed For Chapter 11 Bankruptcy

Yiran Dai

Summary: CoinDesk reported that Factom Inc. has filed for Chapter 11 bankruptcy on Thursday, as the blockchain innovations company claimed unable to afford its $7.5 million debts.

CoinDesk reported that Factom Inc. has filed for Chapter 11 bankruptcy on Thursday, as the blockchain innovations company claimed unable to afford its $7.5 million debts.

Since the company has declared voluntary bankruptcy, it can now restructure its business and pay creditors over time. 

Factom Inc. had raised $18 million from investors previously and built the Factom Protocol, a blockchain used by the U.S. Department of Homeland Security and the Bill and Melinda Gates Foundation. However, losses of the company have started as early as in 2016.

By Yiran Dai

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