The effect of Bitcoin’s (BTC) continuous drop towards the $5,000 mark is felt throughout the crypto market. Cryptocurrencies are losing in double digits, and the value of the entire market continues to suffer (at the time of this writing, the cryptocurrency market is worth $173.5 billion).
Performance of Factom (FCT) Today
Notwithstanding the bearish nature of the crypto market today, Factom (FCT) is forcing a comeback and is doing it vigorously. Over the last 24 hours, FCT has risen by 30.5 percent against the USD, making it the sixth best performing digital asset today.
Factom led a bull outbreak yesterday, November 18. Factom hiked by more than 40 percent, as a result, the coin peaked at a value of $9.07 before things began to stabilize. Entering into today, Factom maintains its positive movement against the USD. As at the time of this writing, FCT is trading at $8.03.
The performance of Factom over the last one week has seen it move the crypto ranking. Factom is now the 70th most valuable cryptocurrency with an estimated market capitalization of $70.2 million. While Factom continues to force a recovery, it made an interesting announcement.
Factom (FCT) Finds Use in the Mortgage Industry
Getting to be used in real-life is the priority of every cryptocurrency project, and Factom is beginning to find interesting use cases. Amidst the remarkable movement of the FCT token in the market, the core team of Factom announced a partnership that would see the FCT find use in mortgage service.
Factom announced a partnership with Equator PRO, and according to the press release that announced the partnership, Equator PRO is a software-as-a-service (SaaS) solution that aims to offer efficiency and oversight to help other mortgage servicers. The announcement reads:
“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 Factom, the Equator PRO platform offers a range of mortgage services including loan management, loan modification, short sale/deed-in-lieu, foreclosure/bankruptcy, and real estate owned (REO) focused product. The partnership will introduce Factom into a new industry and perhaps could play an integral part of its growth in the future.
Along with the announcement of the partnership, Factom revealed that its blockchain would be used by Equator PRO to create a distributed mechanism to preserve data, files and digital records, making them verifiable and independently auditable for the mortgage service platform.
Factom’s Daily Trade Volume Hits 9-Month High
Since Factom announced the partnership with Equator PRO, the daily trade volume of the coin has been on the rise, and today it hit a high of $6.28 million, figures that were last seen in February. The partnership seems to have ignited a spark in Factom, it would be interesting to see how FCT continues with its recovery.