June 19th Dutch Auction will mark the official launch of the Algorand network as tokens enter circulation
(BUSINESS WIRE)-- Algorand Foundation:
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What: |
On June 19th, 2019, The Algorand Foundation will
hold its first in a series of Dutch Auctions out of Singapore. These
auctions will allow Algos, the native tokens of the Algorand platform,
to enter circulation via a mechanism where the market determines the
fair price. This inaugural auction also marks the launch of the Algorand
network. |
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The Algorand Foundation believes in
the value of the Algorand platform, the Algo, and the potential for
everyone to have an opportunity as we enter a new, borderless economy.
With a goal of investing in the sustainability and performance of that
economy, the foundation has also announced a refund policy for auction
participants. Should any participant be dissatisfied with their purchase
of Algos, they may return their Algos back to the foundation one-year
post-purchase at up to 90 percent of the value paid. |
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For the first auction, 25 million
Algos will be available at a starting price of $10.00 USD and a reserve
price of $0.10 USD. The auction will last for 4,000 blocks (about 5
hours), all bids will be posted to and processed from the Algorand
blockchain for transparency and Algos will be distributed after the
close of the auction. Details from the foundation regarding token
dynamics can be found at algorand.foundation/token-dynamics. |
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Who: |
The Algorand Foundation invites eligible participants to register and join the auction. |
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Please note that participation in
auctions is not possible for the following excluded jurisdictions:
United States of America and its territories, Canada, Democratic
People's Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of
Crimea, People's Republic of China, and jurisdictions in which the
auctions and/or trading of the tokens themselves are prohibited,
restricted or unauthorized in any form or manner whether in full or in
part under the laws, regulatory requirements or rules in such
jurisdiction. |
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When: |
The auction starts Wednesday, June 19, 2019 at 6PM Singapore Standard Time. |
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Where: |
The auction will be conducted on the Algorand blockchain at https://auctions.algorand.foundation. |
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How: |
To participate in the first Algorand
Foundation auction, users need to complete the registration process,
including creating an account, completing compliance checks, funding a
USD wallet and creating or importing an Algo wallet. These steps may
take several days to finalize before bidding is possible. To begin the
registration process, click here. |
About the Algorand Foundation
The Algorand Foundation is providing the trusted infrastructure needed to support the growth of a borderless economy. With research led by Dr. Tal Rabin, a 2018 Forbes World Top 50 Women in Tech, the Algorand Foundation is incorporated in the Republic of Singapore.
For more information, visit algorand.foundation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190605005219/en/
Contacts
Kalyn Schieffer
March Communications
algorandfoundation@marchcomms.com
617-960-9948
