That's the takeaway from a report out Wednesday from the Aion Foundation, which raised $23 million worth of bitcoin and ether through a token sale in October 2017.
Compiled with the help of Deloitte, though not formally audited by the Big Four accounting firm, the report details how Aion has been managing its crypto war chest.
According to Aion Foundation CEO Matt Spoke, the foundation has sold off half of the bitcoin and ether it raised for fiat.
The foundation has roughly 18 months of runway, Spoke estimated, and it will take up to five years for the network to offer services comparable to centralized alternatives like Amazon Web Services.
In the meantime, Spoke said his team might seek additional funding from crypto funds and accredited investors in return for Aion tokens.
Going forward, the foundation will publish quarterly reports and participate in the Messari disclosure database to boost token holders' confidence.
Aion tokens are currently traded on more than two dozen exchanges, including large ones such as Binance and Bitfinex, according to CoinMarketCap.
Regulators have forced some crypto startups to refund tokens to buyers, a task that would prove challenging for the Aion Foundation since Spoke said it only has records of accredited investors who participated in the private pre-sale before its public token sale.
Instead of worrying about whether its token will be deemed an unregistered security, the foundation is completely focused on amping up the platform's utility.
"Our grant and bounty program has been very active and focused heavily on tooling," Spoke said, speaking to how it rewards external developers with Aion tokens for creating software tools for its platform.
Aion Token Project Estimates 18-Month Runway After Bitcoin and Ether Sales
Published on Dec 5, 2018
by Coindesk | Published on Coinage
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