Tezos shot straight through the stratosphere in the blink of an eye with their Initial Coin Offering several weeks back. Tezos raised an unbelievable $232 million in and ICO that took just two weeks. Simply incredible. But following the outsized success, the Tezos team has decided to give back. At least sorta.
In the August Tezos update, management announced a $50 million venture capital commitment;
“We are extremely pleased to announce a commitment of $50 million in venture capital funding to companies looking to build on the Tezos platform. This capital will be partially deployed through venture capital partners to be announced, as well as through a direct venture arm. The innovation and growth of the ecosystem is the top priority of the Tezos Foundation.”
So if you are interested in working with Tezos they have some money to spend. It cannot hurt to ask.
Tezos is a “self amending cryptographic ledger”. Kind of like Wolverine, Tezos is a self-healing blockchain. You can read all about it here in their white paper, but clearly it caught the fancy of a lot of investors.
Regarding the $200+ million in digital coin, Tezos is slowly converting it to the old fashioned type currency and then investing it in boring things like stocks, bonds and precious metals. “This will ensure that our organization is resilient in good times, and bad times,” says Tezos. Management is exchanging digital coin into cash at a rate of about CHF 500,000 per day. This is a smart move to diversify out of crypto because Bitcoin etc. can’t keep going up forever. Right?
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