The blockchain platform and the virtual currency Tezos (XTZ) have made the decision to withdraw almost 10 million dollars from the treasury reserves of the initial offer of coins (ICO). After taking 82.050 ETH during the week, November is the month with the largest sum of money taken from the treasure.
According to Diar, over the last 29 days, 327,000 ETHs have been withdrawn from treasury accounts. This is quite important as the virtual currency market has suffered a bearish trend from the start of the year. Furthermore, Ethereum (ETH) lost almost 50% in November.
Several initial offers of coins and cryptographic projects that were able to raise funds during the last bull market in the cryptic space, have been lost part of the funds raised. During the last few months, Ethereum has suffered a sell-off that could be linked to projects that sell their coins to avoid further losses.
Diar informs that the first 100 portfolios have sold or transferred 24% of their properties compared to the beginning of the year. In addition, the total value of these portfolios has dropped from $ 3 billion to only $ 350 million.
Our live #Ethereum The ICO Treasury balances are in reserve.
More information here: https://t.co/nlVYQkHf6I pic.twitter.com/ySfUauntKZ
– Diar (@DiarNewsletter) November 29, 2018
The Tezos project has informed its intention to formalize the governance of the blockchain. But intentions are not related to project decisions. The company raised funds for the project in July 2017, but was able to release them in 2018.
At the same time, the requirements for requesting tokens purchased by users required them to remember the semen phrase from the ICO, the user password and their public key. Subsequently, users had to complete activation via a code received from users.
At the time of writing this article, Tezos is the twentieth largest cryptocurrency in the market in terms of market capitalization. Each XTZ currency can be purchased for almost $ 0.5 and has a market capitalization of $ 300 billion.