NEO gives money back to sponsors

NEO issued a Sponsor Giveback Plan to give the money back to initial investors
31 October 2017   1714

The Chinese cryptocurrency NEO which now has a market capitalisation of $1,874,769,000  and is trading at $28,77 published an announcement presenting their Sponsor Giveback Plan on its official website on October 30.

The price of NEO cryptocurrency was quite unstable lately, going up and down, for instance, climbing by 30% in the end of september, rising up to $38 USD on Ocober 2 and falling down to the price of $26 on October 21. On the day the announcement was published, market cap of NEO rose by $500,000,000.

NEO currency charts september october
NEO Charts 

The abovementioned plan is set to give the money back to first currency’s sponsors, who invested during ICO1 and ICO2. NEO will unconditionally pay investors the amount equal to the fiat value they contributed at the time of ICO. The total amount planned to be given back is $4,513,906, which is about CNY 30,000,000.

Initial sponsors may receive their portions either through bank transfer (in CNY only) or in NEO. For those who contributed in BTC, the amount will be calculated as per then BTC/CNY rates.

We hope that the “NEO Sponsor Giveback Plan” will set a good example for the community. We are looking forward to seeing more of the blockchain developers and service providers to use NEO blockchain.

NEO Council

A of today, there are more than 90,000 NEO holders and over 76,000 NeoGas holders. At the moment of writing price of NEO in BTC is 0,0047 and 191,289 in CNY.

What is more, in an announcement it is stated that all the detailed instructions towars giveback will be released within 2 weeks.

NEO to Finance Switcheo Development Team

Investments were provided as part of the NEO EcoBoost ecosystem development program, which is $100M in whole
15 January 2020   242

NEO blockchain project invested in non-custodian exchange Switcheo. This was reported by Switcheo developers on their blog.

Investments were provided as part of the NEO EcoBoost ecosystem development program. The amount of investments by companies was not disclosed. It is known that $ 100 million was allocated for the EcoBoost program.

Switcheo CEO Ivan Pun believes that new financing will help his company implement several planned projects, including launching products from the decentralized finance (DeFi) field. NEO founder Da Hongfei said the two projects will continue to “work in tandem” to develop the NEO ecosystem.

Switcheo launched in 2018 and is the most popular decentralized exchange for working with NEO and tokens based on its blockchain. In addition, the exchange allows swaps with assets of the Ethereum and EOS blockchains.

Since February, Switcheo users will be able to pay fees for trading on the platform with NEO GAS tokens. The SWTH token will no longer be used for this. NEO, for its part, will finance the exchange of SWTH for GAS at a set minimum price - it will be determined later. At the same time, a multi-level program will be launched, thanks to which SWTH holders will be able to receive discounts on commissions when trading on the exchange.