AION to Unveil Future Plans

Foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year
06 December 2018   899

The Aion Foundation, which is responsible for the development of the protocol of the same name and collected $ 23 million in Bitcoin and Ethereum on ICO in October last year, published a report in which it shared information about its financial operations. The report was prepared with the support of Deloitte, however, it cannot formally be considered an audit.

According to the Aion Foundation CEO Matthew Spoke, the foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year. Having spent $ 10 million on launching its blockchain platform and opening offices in Canada, China and Barbados, the fund had assets of $ 14 million as of October 31 of this year, $ 5.8 million of which was placed in Fiat.

We’ve liquidated a decent amount of our bitcoin and eth that we raised as proceeds to make sure that we are stable in this type of period. As we continue to spend in our operations we’ll end up liquidating more bitcoin and eth over the course of the next few months.
 

Matt Spoke

CEO, Aion Foundation

The Aion protocol has already attracted active users, including the video game start-up ClanPlay, but Spoke claims that his company will continue to rely on hard currency.

The foundation has roughly 18 months of runway, Spock estimates, while developing his system to a level at which it can compete with centralized counterparts, such as Amazon Web Services, will take about five years. Aion expects to launch its first Java-based virtual  machine, thanks to which developers can use decentralized tools, by the second quarter of next year.

Spoke suggests that at this time his company will have to attract additional funding from cryptocurrency funds and accredited investors in exchange for their own tokens. His goal is to prevent the reduction of the team, which currently includes 61 people, and the operation of the Ethereum model of ConsenSys, a company sponsoring projects in its own ecosystem.

In the future, Aion intends to publish such reports on a quarterly basis and transfer data to the Messari network in order to increase the confidence of its tokens holders.

Bitfinex Shareholder to Start Pre-Orders for IEO

It should be noted there's no official whitepaper for the token and the fact of IEO wasn't confirmed by the operator of trading platform
06 May 2019   293

The Chinese platform RenRenBit, which is an intermediary between cryptocurrency lenders and borrowers, has begun to accept preliminary applications for participation in the public stage of IEO of the Bitcoin exchange Bitfinex. RenRenBit is part of the DGroup company, which is owned by a major Bitfinex shareholder, Zhao Dong, CoinDesk reports.

Note that the operator of the trading platform iFinex Inc. has not yet published the official white paper for its token, and has not even confirmed the fact of IEO itself. Dong is the main source of information on tokensale for $ 1 billion and it was he who distributed the marketing documentation of the LEO token through Weibo, although some top managers from Bitfinex have already mentioned the coin on Twitter.

Retail investors who have undergone a KYC procedure can already commit to invest up to $ 1,000 in USDT equivalent at the IEO's public stage. However, according to the mentioned marketing documentation, if the tokens are sold out to accredited investors by May 10, the tokensale will end in a closed format. As of May 4, the exchange allegedly received a verbal commitment of $ 600 million.

It is worth adding that the fake white paper of Bitfinex token has already appeared on the web, whose authors use the uncertainty around the alleged campaign and the lack of official statements to mislead gullible users. The official white paper has not been released.

CoinMarketCap, a popular analytical resource, meanwhile, excluded Bitfinex quotes from calculations of the average value of digital assets, since they significantly exceed those of other trading platforms.

Earlier, New York State Attorney General Letitia James asked the state Supreme Court to uphold the order for Bitfinex, which does not allow her to renew the credit line from Tether Limited. She warned the court about the high risks for users of the platform and USDT holders.

However, a week ago, Tether Limited's chief lawyer Stuart Hogner stressed that there are no risks for users, although steylcoin is secured only by 74%.

So, Bitfinex could already receive about $ 750 million from the USDT issuer's reserves to ensure liquidity after the fiat funds of the exchange's operator were blocked in the accounts of the Panamanian processing Crypto Capital Corp. in Poland, Portugal, the UK and the USA.