Digital foundry finds a niche in the Bitcoin space as the price of Bitcoin continues to fall in response to the US government’s decision to revoke its digital currency license.
Digital Foundry, the first of a number of new foundries that are developing Bitcoin-based digital assets, is one of them.
According to a press release from Digital Foundry on Thursday, its first product, a digital asset called “Bitcoin Gold,” is “currently available for the first time on the market.”
Digital foundries are a relatively new industry and the company has seen its share of ups and downs.
The company has also struggled to find a niche for its technology, which is an interesting development considering its main business is developing Bitcoin.
As CoinDesk noted, the US Digital Currency Advisory Committee had stated that digital foundrys “are at a distinct disadvantage vis-a-vis traditional financial technology” in a January 25 report.
It was widely seen as a veiled threat to the fledgling industry, as it stated that the “unproven and rapidly growing technology” used to create Bitcoin is “a direct competitor to the traditional financial industry” and that it is “unlikely that any new technology will be able to capture the growing market share.”
“There are still challenges in establishing a profitable and efficient business model for digital assets,” the advisory committee said.
“In the coming years, there are likely to be new disruptive technologies that will challenge traditional financial systems and, in some cases, the current economic system itself.”
The advisory committee’s recommendation was met with opposition by several industry groups, and in February 2017, the Financial Innovation Network (FIRN) called for a moratorium on the development of digital foundrys and other “new financial technology.”
In its latest report, the FIN noted that digital findries “will be more vulnerable to new disruptive technology that disrupts the financial system, or that could be exploited by criminal actors.”
But Digital Foundries remains optimistic about the future.
“Digital Foundries’ strategy is to develop Bitcoin-like assets that are resilient to any new disruption, which are also more resilient to attacks on the digital assets’ core technology and infrastructure,” the company wrote in its press release.
For now, the company is focusing on developing Bitcoin and other digital assets using its own blockchain technology, with plans to launch the digital currency on July 15.