RATE Group | Some ICO Blockchain Projects Holding More Ethereum Than Their Actual Market Cap
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Some ICO Blockchain Projects Holding More Ethereum Than Their Actual Market Cap

27 Aug Some ICO Blockchain Projects Holding More Ethereum Than Their Actual Market Cap

Posted at 13:04h in Ethereum News by

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Some ICO Blockchain Projects Holding More Ethereum Than Their Actual Market Cap

The 80 percent correction in the global cryptocurrency exchange market has created a unique setting in the initial coin offering (ICO) market. The development teams of most tokens are now holding more Ethereum in their reserves than their market valuation.

Started With Gnosis

Last week, Ethereum-based decentralized prediction market platform Gnosis founder Martin Köppelmann disclosed that the company will not need to rely on its holdings of 200,000 Ether it garnered from its 2017 token sale for at least six to seven years. Köppelmann stated:

“We heard the Ether price dropped? We don’t care too much. Being active in the space since Bitcoin $9 this is nothing new and we prepared for this event. We have a team of over 50 people now working full time on the Gnosis platform and we can continue to finance this for the next 5–7 years without the need to sell any of our ~200k ETH in reserve.”

Over the past few weeks, the price of Ethereum has dropped substantially against other…

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