On March 25th, the Neo Foundation announced it had released the requisite funds to continue running for the 2020 Fiscal Year (FY). This released a total of 1,660,865 NEOs worth around $11 million, with 27,800,303 NEOs ($190 million) still remaining.
According to the blog post, the Neo whitepaper enables the Foundation to sell its NEO stake to “support Neo’s technological development, ecosystem growth, community expansion.”
The foundation’s released transaction ID shows that the tokens were sent to an address that contains more than NEO 14.6 million, worth $100 million. The announcement reads that the tokens were moved to the current account from the “locked account to the current account,” which would mean that the foundation has an even larger funding pool than the one contained in the first wallet.
Although the sparse transaction history tends to rule out the possibility of it being an exchange address, it may also be the cold wallet of the exchange.
The foundation has also announced that the financial analysis for 2019 has been completed, with an annual report to be issued to the community “released soon.”
NEO Foundation Background
Neo, originally known as AntShares, is a BFT-based blockchain network, a distributed Consensus Algorithm for Proof of Stake(dPoS).
Previously, the group hasn’t always been at the forefront as it works on relaunching the Neo 3.0 blockchain. Predictions for the roadmap put its completion in Q2 2020 in early 2019.
NEO co-founder, Da Hongfei, focused on the value of blockchain at Blockshow Asia in enhancing data privacy on the Internet, indicating that this would be a possible path for Neo to grow.
In September, Neo joined the .NET Foundation Base of Microsoft as the first member of the blockchain.