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Report From Aion Foundation shows Selloff of the "Decent" level of Bitcoin and Ethereum, projecting the 18-month track
On Wednesday, Aion Foundation has published a report, starting with the 23 million dollars collected from the sale of Bitcoin and Ether, which took place in October 2017. The report came out on Wednesday, suggesting that this encrypted winter is the best time to cash out. He also discussed the way Aion handled the "crypt war crypto", as CoinDesk says.
Matt Spoke, CEO of Aion, said the foundation officially took the bitcoin and the ether that was raised, split in half, and sold it. This was primarily planned to use the prices that were happening in 2018. The company spent over $ 10 million only during the launch of its platform and offices in three different countries. As a result, they left $ 14 million by the end of October with about $ 5.8 million in fiat.
Speaking with CoinDesk, Spoke said,
"We have liquidated a decent amount of bitcoins and ETHs that we have collected as income to ensure we are stable in this type of period, and as we continue to invest in our operations, we will end up paying more Bitcoin and ETH over the next few months."
The Aion network is already testing its protocols with multiple active users, including ClayPlay. However, the current plan provides that the non-profit organization will "rely more on money" to maintain steady growth.
At the moment, Spoke believes that the foundation has the means to support 18 months of track, even though it is a "wait five years before the network is ready to offer services similar to those offered by Amazon Web Services. . By the second quarter of 2019, the company plans to support the first Java-based virtual machine on its platform, creating new opportunities for developers with the current range of decentralized software tools.
For now, the team could end up pursuing cryptographic funds and accredited investors for the funding they need, by offering them Aion tokens as a digital return. Overall, the hope of this period of time for the company is to keep the team of 61 people, avoiding redundancies following models like Ethereum sponsoring projects. To help token holders feel more confident in their efforts, the foundation intends to launch quarterly reports and be part of the Messari disclosure database.
Currently, over two dozen exchanges allow for trading of Aion tokens, like Binance and Bitfinex. Even with the liquidity that the foundation currently holds, the founder of Athena Capitathe, Meltem Demirors, goes on to say that there is a problem with the way in which Aion tokens are considered assets on the foundation's balance sheet. She advised,
"I think they should be very careful about this," said Demirors. "I do not think we have conclusively shown that the token model works."
She and Nic Carter, the co-founder of Castle Island Ventures, spoke about the dangers that may arise from the substitution of equity investments with treasury tokens.
Carter commented,
"You have to pay progressively more than that stack as it decreases in price and in some places becomes a forced seller." Many of these projects are facing liquidity crises. "
The demirors have still given credit for the efforts that Aion has done to maintain the transparency of their expenses for their consumers. However, there are many other risks in following this path, such as the potential for having to repay the tokens. Instead of recognizing the risks here, the foundation only wants to increase utility.
Radius noticed,
"Our grant and donation program has been very active and has focused a lot on tools, and over time we should not be the most important member of Aion's ecosystem."
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