Tezos Foundation will not liquidate its holdings in XTZ - Tezos News. Thursday, October 11th
Tezos Foundation will not liquidate its holdings in XTZ
Part of its funds will be diversified into several asset classes
The Tezos Foundation has recently let know its community some of the plans they have for the funds they currently hold. Via its official website, the Foundation has published a brief post written by the Foundation’s President Ryan Jesperson, about what they have in mind for managing their assets, in order to ensure the continuity of the project in the long-term.
According to the news, the Foundation has in its possession about 500 million USD in assets, which they believe makes the Tezos project “one of the most well-funded blockchain projects worldwide.” Additionally, they revealed that about 82% of the Foundation’s holdings are in Bitcoin (BTC). However, the additional allocation of funds currently held in XTZ (Tezos native token) for vesting each month during four years – as stated in the blockchain’s genesis block – is not included in the overall holding.
In order to sustain the project in the long-term, be able to comply with its financial duties and fulfill their objectives, the Foundation indicated that a part of its non-XTZ portfolio is being diversified into liquid and lower-risk asset classes. This doesn’t mean they are actually liquidating their holdings in Tezos tokens, at least for now, according to the post. “There are some vendors, contractors, and other parties who will receive some limited payments in XTZ, but this will be the extent of transfers from the Foundation’s XTZ funds.”
All of these assets, regardless of their purpose, are subject to review by PwC Switzerland, the Foundation’s independent external auditor.
According to CoinMarketCap, Tezos currently has $755.19 million USD in market capitalization, and its XTZ/USD exchange rate quotes at $1.24 per token. Like the rest of the top 100 cryptocurrencies, the XTZ has followed Bitcoin in its sudden crash, affecting negatively its performance – which up to that moment, was on its way to reach $1.50 in price.
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