As part of an ongoing effort to bring transparency and clarity to the Algorand project, we are publishing the first of what will become regular transparency statements on our Algorand holdings and activities.
Entities and financial relationships:
USV’s has made its investment in Algorand, Inc, and holds its node agreements with the Algorand Foundation, through parallel entities that invest/divest in lock step. As a result of this structure, we maintain a set of Algo accounts for each of our token-holding entities (a cold storage account, an account dedicated to the staking rewards program, and a trading account).
USV has signed node agreements which we believe are identical to those of the other early backers. Our tokens currently vest over a period of two years, assuming our nodes are run in good standing. We run a total of 9 nodes.
USV is an investor in other cryptocurrency funds, as described here, some of which may have exposure to Algos. Aside from those relationships and the Algorand relationships described above, USV has no financial or business relationships with any other entities or early backers in the Algorand ecosystem.
Transactions:
To date, USV has not sold any vested Algos, which constitute over 90% of our Algo holdings. We have sold a percentage of our participation rewards Algos (less than 2% of our total Algo holdings) to cover potential tax liabilities stemming from staking/participation.
Previous communications about Algorand:
Linked below are all previous posts USV has written regarding Algorand:
- Algorand (Feb 15, 2018)
- Algorand Launch (Jun 19, 2019)
- Algorand Economic Improvement Proposal (Sep 6, 2019)