Storj Announces Upcoming Lockup 245 Million Tokens Worth More Than $300 Million
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Storj Announces Upcoming Lockup 245 Million Tokens Worth More Than $300 Million

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Storj has revealed to CoinDesk that it plans to announce a lock-up of tokens worth roughly $300 million for a duration of six months.

The blockchain-based file storage network disclosed its plans for the upcoming lock-up to cryptocurrency news website Coinbase. The lock-up is expected to involve roughly 245 million tokens that are valued at around $300 million. The announcement comes just a few months after a previous announcement in May, during which Storj announced that it would create 500 million new tokens on Ethereum. Storj then sold 70 million of those tokens publicly.

The recent announcement reveals that very few investors are able to keep up with the dates during which firms associated with the development of tokens will gain access to their liquidity. ConsenSys entrepreneur, Ryan Selkis highlighted the problem during Token Summit II which was held this month when he talked about numerous vague token distribution schedules involving illustrious blockchain projects.

Storj was scheduled to release its reserve tokens on December 20th though the company’s executives decided to hold on to those reserves until a better project timeline that is easy to understand is created. This move is expected to help boost stability. It is difficult to achieve clarity and market players are aware of the massive problem that arises due to secrecy in distribution.

“You’ve got these quasi-fiduciaries selling quasi-securities over a quasi-vesting period. Since these coin offerings are so new, there’s a real need to be transparent. There’s some market makers out there trying to manipulate these coins,” stated Matthew May the Chief Financial Officer at Storj.

The company is expected to gain access to a large amount of cash once it releases the tokens and that money can be put to good use such as hiring more employees and seeking more partnerships. It might thus appear suspicious that the company decided to push back the date on which it plans to release the tokens.

Philip Hutchins, the chief technology officer at Storj clarified that money is currently not a problem. He stated that the firm has all the cash that it requires for a period of 6 months and also added that this should be an indicator that the company is currently experiencing stability and that it also plans to be in the market in the long term. Hutchins also pointed out that the Storj has been taking time to understand the pace at which the cadence of the token changes.

The Storj executive also added that the extra time taken by the company is part of its plan to come up with a better understanding of the flow. The rapid changes in cryptocurrency prices have been making things difficult for the company and Hutchins stated that Storj is currently addressing the confusion with the highest level of transparency that it can offer.

We will be updating our subscribers as soon as we know more. For the latest on Storj, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Brook Ward via Flickr

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AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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Enhancing the DigitalBits Ecosystem through the XDB Foundation

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The DigitalBits ecosystem welcomed a new benefactor in the form of the XDB Foundation, a non-profit organization dedicated to providing support for DigitalBits. The main objectives of the XDB Foundation include the DigitalBits Ecosystem Support Program, supplying both financial and non-financial assistance to qualified entities and projects within the DigitalBits community, with a focus towards innovation and speeding ecosystem growth.

Michael Gord, MLG Blockchain and GDA Capital founder, has been appointed to the role of Managing Director of the XDB Foundation.  “I am excited to see the launch of the XDB Foundation and to be joining the DigitalBits ecosystem in this new capacity,” says Gord. “In the coming weeks, the XDB Foundation will share additional updates regarding its key initiatives.  Over the past 2 years, we have seen DigitalBits achieve various milestones and with this next chapter I’m excited to see the XDB Foundation contribute as the new project lead supporting education, research and development, and ecosystem growth and adoption.”

Michael Gord’s first initiatives within blockchain started with establishing the McGill Students’ Cryptocurrency Club, McGill Students’ Fintech Association, Bitcoin Canada and providing leadership on the global expansion of the Blockchain Education Network.  Notably, he is also a key contributor to the Kerala Blockchain Academy, one of the largest innovation hubs for blockchain technology worldwide. 

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