Yesterday through the Foundation, the NEO blockchain announced that it has released funds for the whole of 2020. They will be used to continue the project according to the financial plan.
We have some updates on the #Neo Foundation FY 2020 financial planning. Also, stay tuned for the FY2019 annual financial report which will be released soon.https://t.co/UWFNSM1QIz
— Neo Smart Economy (@NEO_Blockchain) March 25, 2020
After auditing the financial statements for the recently completed fiscal year – the report on which will be shared in the coming days – the funds for this year have been released, as foreseen by the whitepaper.
For this reason, it is expected that 50% of the 100 million supply distributed during the crowdfunding phase will be used to support the development of the project. So it is a fund of 50 million NEO, which at the current exchange rate, with 1 NEO being traded for $6.80, is $340 million.
Two days ago a transaction of 1660865 NEO was made, corresponding to about $10 million, bringing the current fund to just under 28 million NEO, which will be used to support the foundation, the community, investments in other blockchain projects and so on.
It should be remembered that last year the fund was moved for security purposes and, still last year, just under 800,000 NEO had been distributed to support the developers and the project.
Now all that’s left to do is wait for the full report of the NEO Foundation that will be published in April.
In the last 3 months, the value of the cryptocurrency, currently at position 23 of CoinMarketCap, has gone from a minimum of $4 to a maximum of $16, following in part what happened during the crypto crash in recent weeks.
Recently, the NEO team has also announced that they want to expand into gaming as well. All the progress achieved so far by this blockchain has been published in an exhaustive report published at the end of January 2020.