Neo Foundation has released $11M worth of its native token for 2020 operations

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  • The Neo Foundation has released 1,660,865 NEO (worth around $11 million) to continue operations in 2020.
  • The Foundation is permitted to sell its stake of NEO to support its technological development and ecosystem growth.

The Neo Foundation announced that they had released the funds required to continue operations in the 2020 Fiscal Year. 1,660,865 NEO (worth around $11 million) was released and 27,800,303 NEO ($190 million) are still remaining. The Neo whitepaper details that the Foundation is permitted to sell its stake of NEO to “support Neo’s technological development, ecosystem growth, community expansion.”

The Foundation presented a transaction ID, which revealed that the tokens were sent to an address that has more than 14.6 million NEO ($100 million). According to a blog post, the tokens were transferred from the “locked account to the current account.” 

Though the sparse transaction history appears to exclude the possibility of it being an exchange address, there’s a chance that it’s the exchange’s cold wallet. Other details regarding this remain unclear. The Neo Foundation also said that it has completed the financial review for 2019 and will release the annual report shortly. 

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