Aragon project sells off crypto holdings to secure future

In an announcement from the Aragon association, the ANT project has sold off some of its crypto reserves - including Etherum and Monero - to secure funding for the next 12 to 18 months

The Aragon project has sold off more than $1.5 million worth of crypto and taken out a one million dollar fiat loan through the Ethereum-collateralised Dai stable coin.

The stated goal of the project is to ‘create value without borders or intermediaries’. When the Aragon token sale happened in May 2017, it raised $25 million with ETH at a $90 valuation. Since then the project has decided to invest the capital raised to make “good bets in other cryptocurrencies”.

The sales announced were to sell its XMR position and a small part of its ETH position, with a total of $1.5 million sold into fiat.

The Ethereum sales have been tracked on the popular website. On the site, you can see here that the Aragon treasury wallet still has more than 230,000 ETH left, despite the recent 50,000 ETH that has been transacted out the wallet in the last 24 hours.

Transparency and independent governance

The Aragon project was born to bring transparency and independent governance to the forefront of managing governance in an organisation.

They justified the move by saying “these are hard moments for the market, but even with that, we want to make sure the Aragon project can properly operate for the foreseeable years without having to worry about the market. These trades ensure 12-18 months of operations to the project, while keeping 220,000 ETH”.

One million Dai loan

The loan taken from the Dai stable coin project was also collateralised with 40,000 ETH. This represents a massive over-collateralization of 415%. The ETH collateralized is currently worth close to four million compared to their one million Dai loan.

You can see details of this loan on the Ethereum blockchain using this link. The Aragon Association stated that despite the crypto sales that they were still “long ETH”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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