Factom, the blockchain company, has gone into liquidation after failing to raise more money

Blockchain company Factom has begun dissolution proceedings after it failed to raise more money to address its troubled financial situation, BlockBeats reported.

Factom was founded in 2014 to provide data sources and integrity solutions on an untrusted layer built on the bitcoin blockchain. As one of the first token sales, the company raised $140,000 in 2015 by selling Factoid tokens. Since its inception, Factom has raised about $16 million. On Thursday, FastForward, the company's largest investor, disclosed that Factom was facing liquidation after an unsuccessful attempt to raise more capital. FastForward invested $6 million in Factom and signed a simple future equity agreement. Factom was unable to secure further investment and is now in receivership to begin its dissolution.

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