Following the release of its 2nd annual fiscal report, the Tezos foundation revealed that from the progress of Q3 and Q4 its total assets was at $635 million which had gone higher than its initial coin offering $232 million.
According to Tezos’s foundation CFO, Roman Schnider:
“The increase is largely due to the appreciation of our blockchain assets over the last three years, BTC and XTZ in particular.”
The revelation majorly entailed how Tezos spent its money on top of the over $37.6 million to the network developers since August last year.
The grant funding procedure is solely directed by the foundation. Moreover, any person or organization applying for the same must meet a certain criteria which comprise four main steps which undergo due diligence review and assessment by several Tezos committees.
The grants are comprised of.
Late last year(2019), there were more than 40 recipients of Tezos grants for developing ecosystem tools and applications. More so, there were more establishments of Tezos block explorers and staking tools developed by various firms.
However, the report says that the foundation does not reveal the exact amount awarded for each project, but there is a specific agreement that consideration is after each step is finalized.
Further endowment funds were granted to Tezos-based insurance firm Tezsure and DeFi firm CamlCase which is also based on the Tezos ecosystem.
Tezos is providing financial support to communities providing equipment and necessities for educational purposes. Moreover, the foundation did not leave out its local communities by awarding more than $13 million grants globally; which were meant to popularize its recognition among the people. In conclusion, Tezos main force drive is its strong user base.
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