DigixDAO Votes to Liquidate $64M Treasury

A project which carried out a 2016 initial coin providing (ICO) has voted to liquidate its $64 million treasury, returning money to buyers.

Venture Ragnarok, a evaluate to return ether to ICO buyers from the Digix project’s treasury – which was held independently of the enterprise in a decentralized autonomous firm (DAO), DigixDAO – has handed with around 95 percent assist. Only 52 votes ended up cast, in accordance to the proposal on the Digix community website.

With the passage, a contract will be executed, unstaking and giving back again .19 ETH for every DGD – Digix’s token which back links bodily gold bullion to representations on the ethereum network – close to par with the present-day price of DGD, in accordance to Messari.

Digix carried out its ICO in 2016, elevating some 466,648 ETH worthy of some $7 million at the time. DigixDAO presently retains 380,000 ETH in accordance to two addresses on ethscanner.

As CoinDesk documented this winter season, Digix’s CEO Kai Cheng Chng provided to dissolve the DAO adhering to community requests. “Just one recurring comment was for a mechanism for dissatisfied DGD token holders to make a clear break from DigixDAO,” he wrote in a Digix site publish. Digix itself does not system on closing up store offered the results of the vote, nonetheless.

Digix abstained from voting on the proposal as it was not in favor of liquidating the fund, in accordance to the site publish.

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