The Algorand Foundation welcomes auction participants to the Algorand community!
We would like to take this opportunity to share with all auction participants an outline of the safekeeping measures which the Foundation has put in place in order to ensure that we are able to fulfill our refund commitments to you under the terms of the Auctions.
- 100% of our refund obligations (i.e. 90% of all auction proceeds from the inaugural token auction) will be placed in a segregated account with a reputable bank. The refund reserve will be maintained in the segregated account until the expiration of the refund policy for the purposes of facilitating refund requests.
- Governance and oversight of the segregated bank account is undertaken by the Board of the Foundation. Assets in the account cannot be moved without the explicit sign-off by the Board of directors and in accordance with the Foundation’s treasury policies and procedures.
- The Foundation has appointed an independent third party auditor to ensure compliance with financial reporting standards and to provide a true and fair view of the Foundation’s financial position and performance. The third party auditor has been tasked to perform an audit of the inaugural auction results.
- The Algorand Foundation is committed to financial transparency and further periodic audits will be performed and reports published to provide continued accountability to our current and future auction participants. These audits will be publicly announced upon completion.
Read more about the auctions here.