in , ,

DigixDAO Votes to Liquidate $64M Treasury

digixdao-votes-to-liquidate-$64m-treasury

Liquid gold being poured into a cast to make a bullion bar at a Gold Reef City demonstration. Even the crucible glows under the immense heat. (Photo via Wikimedia Commons)

A project which conducted a 2016 initial coin offering (ICO) has voted to liquidate its $64 million treasury, returning funds to investors.

Project Ragnarok, a measure to return ether to ICO investors from the Digix project’s treasury – which was held independently of the company in a decentralized autonomous organization (DAO), DigixDAO – has passed with over 95 percent support. Only 52 votes were cast, according to the proposal on the Digix community site.

With the passage, a contract will be executed, unstaking and giving back 0.19 ETH per DGD – Digix’s token which links physical gold bullion to representations on the ethereum network – near par with the current value of DGD, according to Messari.

Digix conducted its ICO in 2016, raising some 466,648 ETH worth some $7 million at the time. DigixDAO currently holds 380,000 ETH according to two addresses on ethscanner.

As CoinDesk reported this winter, Digix’s CEO Kai Cheng Chng offered to dissolve the DAO following community requests. “One recurring comment was for a mechanism for dissatisfied DGD token holders to make a clean break from DigixDAO,” he wrote in a Digix blog post. Digix itself does not plan on closing up shop given the results of the vote, however.

Digix abstained from voting on the proposal as it was not in favor of liquidating the fund, according to the blog post.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/digixdao-votes-to-liquidate-64m-treasury

What do you think?

Written by btcethereumadmin

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

maduro-announces-crypto-casino-in-support-of-petro-and-public

Maduro Announces Crypto Casino in Support of Petro and Public

how-is-bitcoin-cash-different-from-bitcoin-core?

How Is Bitcoin Cash Different From Bitcoin Core?