Factom (FCT) Ascent Accelerates on News of Yooya China Partnership

[Leonardo]

Factom (FCT) remains one of the most successful altcoins in the past week, seemingly going through a growth spurt unaffected by the Bitcoin bear market. The price, ascending from recent lows, has now received a boost from the announced partnership with online video service Yooya China. Reacting to the news, FCT continued its climb above $12.

“Yooya has adopted the Factom® Harmony™ platform for its blockchain solution delivering highly transparent and data-centric solutions without the requirement for unwieldy new tokens, wild price fluctuations, specialized cryptocurrencies, proprietary wallets, or other similar overhead,” the Chinese company announced.

Factom is one of the rare blockchain projects making revenues from its turnkey solutions for the business. While the FCT token sees speculation, especially through the Poloniex futures market, the underlying business of the project remains robust and expects revenue growth in 2019.

Factom CEO Paul Snow commented:

“Factom has been preparing for terrific customers such as Yooya since its first vision of the blockchain industry in 2013... Yooya has a robust business model that now has the advantages of a distributed ledger and the power of immutable data to create huge efficiencies in building things like a digital media exchange.”

The FCT market price continued to grow on volumes of around $3 million in 24 hours. It gained more than 30% in the past day to reach $13.83 and is up more than 68% in the past week. FCT is still far from its peak above $66 achieved in January 2018, but the recent rally has differentiated the asset.

However, FCT is an isolated case, and slim trading volumes allow for speculation that lifts the price. It is also growing in Bitcoin (BTC) prices, making its ascent dependent on the moves of BTC, so it is possible the recent rally changes direction.

Still, the offering of business-grade blockchain products is an example of real-world application and marketing success in a sector where most blockchain startups fail to go beyond the early stages and generate revenues. Factom is seen as a project with the potential to expand its client base, which gives traders grounds for optimism.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

Source: https://cryptovest.com/news/factom-fct-ascent-accelerates-on-news-of-yooya-china-partnership/