MEDIA ALERT: Algorand Foundation Announces Date for First Auction

June 19th Dutch Auction will mark the official launch of the Algorand
network as tokens enter circulation

SINGAPORE–(BUSINESS WIRE)–Algorand Foundation:

 

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.

 

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.

 

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.

 

Who:

The Algorand Foundation invites eligible participants to register
and join the auction.

 
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.
 

When:

The auction starts Wednesday, June 19, 2019 at 6PM Singapore
Standard Time.
 

Where:

The auction will be conducted on the Algorand blockchain at https://auctions.algorand.foundation.

 

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.

 

For more information, please visit: https://algorand.foundation/algo-auctions

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.

Contacts

Kalyn Schieffer
March Communications
[email protected]
617-960-9948

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