MEDIA ALERT: Algorand Foundation Announces Optional Early Redemption of Auction Refund
2.8.2019 03:00:00 EEST | Business Wire | Press release
The Algorand Foundation’s mission is to promote the long-term success of the public blockchain network and the Algo token. By introducing an early redemption option, we are giving auction participants an early optional opportunity to redeem the refund above the current value of the Algo. In response to feedback from the market, the foundation is seeking to strengthen the long-term viability and fairness within the Algo market for remaining participants who are taking a longer-term view and who wish to contribute to building out the Algorand platform.
Accordingly, as an alternative to the original 90% refund option available to auction buyers on the first anniversary of the first auction, the foundation will provide an optional Early Redemption Option in an effort to take these specific auction tokens out of circulating supply. In this option, a user who bought #X Algos at the first auction can return all #X of them to the foundation in this coming week and receive 85% (recognizing the effect of the time value of money) of the price paid to acquire them.
In order to meet eligibility requirements, participants will have seven days to return all auction Algos to their designated wallet starting at 8am SGT on August 2nd, 2019 and ending at midnight SGT on August 9th, 2019. The redemption window will open on August 23rd and will provide an 85% refund of the clearing price at the first auction. Refunds will be dispersed via the same currency the auction account was funded by (USD, BTC, ETH).
Early Redemption Window Details
- All Algos intended for redemption must be in the wallet that received Algos from successful auction bids by midnight SGT on August 9th, 2019.
- Redemption processing window will be seven days starting at midnight SGT on August 23rd, 2019.
- Redemptions must be initiated via the Algorand Foundation auction website and your auction account. Additional details to come to eligible early redemption window participants.
-
The Algorand Foundation will refund 85% of the auction clearing price per Algo returned
- Auction clearing price: $2.40 per Algo
- 85% refund: $2.04 per Algo
- If you funded your auction account with USD, refunds will be processed in 1-3 days (determined by the time required for bank wire transfer)
- If you funded your auction account with BTC or ETH, refunds will be processed within three hours.
Early Redemption Window Requirements
- 100% of Algos received at auction for a single address must be returned - no partial refunds will be eligible
- All Algos must be in the wallet that received Algos from successful auction bids by midnight SGT on August 9th, 2019 or you will not be eligible to participate in the early redemption window
- Redemptions must be initiated from the auction website and your original auction account. Additional details to come to eligible early redemption window participants.
- Participants in this optional early redemption program agree to waive their rights to their original 90% refund policy.
Next Steps to Participate in Early Redemption:
- Ensure that by midnight SGT on August 9th, 2019, your designated auction wallet has the same number of Algos as you received from the original auction.
Original Refund Policy
Participants may retain the original Refund Policy of 90%. This means that auction participants can continue to retain their Algos and have the option of participating in the original refund policy in June 2020, where they will have a one-week window to exercise the 90% refund of the June 2019 auction purchase price. Details on exercising this option will be available approaching June 2020.
About the Algorand Foundation
The Algorand Foundation is providing the trusted infrastructure needed to support the growth of a borderless economy. With research led by Dr. Tal Rabin, a 2018 Forbes World Top 50 Women in Tech, the Algorand Foundation is incorporated in the Republic of Singapore.
For more information, visit algorand.foundation.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190801006089/en/
Contact information
Kalyn Schieffer
March Communications
algorandfoundation@marchcomms.com
617-960-9948
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Venture Global Announces New Long-Term LNG Partnership with Hanwha of Korea27.2.2026 02:00:00 EET | Press release
Today, Venture Global, Inc. (NYSE: VG) and Hanwha Aerospace Co., Ltd. announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 1.5 million tonnes per annum (MTPA) of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. This agreement brings Venture Global’s long-term contracted portfolio to over 46 MTPA. “Venture Global is thrilled to announce our first long-term supply deal in Korea through a new partnership with Hanwha Aerospace which marks another important step in expanding reliable, long-term LNG supply to our partners in Asia,” said Mike Sabel, CEO of Venture Global. “We are proud to support growing global energy needs with low-cost, secure American LNG while strengthening the strategic energy partnership between the United States and South Korea to support long-term industrial and economic growth.” About Venture Global Venture Global is an American producer and exporter of low-cost U.S. liquefied natural gas (LNG)
Hydnum Steel Secures 500 MW of Electrical Power, a Key Step Forward in the Construction of Its Clean Steel Plant in Spain27.2.2026 01:00:00 EET | Press release
Hydnum Steel has taken a decisive step towards constructing Spain’s first clean steel plant after being granted access to the electricity grid at the Brazatortas node in the province of Ciudad Real. The company has been granted an electricity capacity of 500 MW, as published in the Official State Gazette, which should be enough to guarantee supply to its electric arc furnace. This concession marks a significant milestone for a pioneering project in the Iberian Peninsula. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260225309290/en/ Image recreating the steel plant that Hydnum Steel will build in Puertollano, Spain Hydnum Steel is consolidating its position as a reliable supplier of clean European steel. The fully digitally integrated plant will produce hot-rolled steel coils efficiently and sustainably, with benefits for the environment and the economy. Hydnum Steel will deliver a solution for steel-consuming industries th
1089 Inc. Partners with Price Forbes and Oka-Lloyd's Syndicate 1922 to Launch Market-Defining First: Carbon Asset Insurance Framework for Transportation and Energy Sectors27.2.2026 00:01:00 EET | Press release
1089 Inc., in collaboration with Price Forbes and Oka, The Carbon Insurance Company, announce launch of an insured carbon asset designed to bring institutional safeguards, disciplined financial architecture, and verifiable data integrity to carbon markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226012782/en/ 1089 Inc. is Advancing Carbon™, focused on evolving global carbon markets and decarbonizing the highest-emitting sectors on the planet: Transportation and Energy. The framework provides defined risk coverage for 1089’s CX89 Advanced Fuels Carbon Assets, underwritten by Lloyd’s Syndicate 1922 and placed with the support of Price Forbes and Oka. The program introduces institutional-grade protection designed to prevent performance losses resulting from credit degradation between wrapping and minting. Luke Hanley, Founder and CEO of 1089 Inc., shared the framework’s core thesis: “The future of carbon markets is no
Sun Nuclear QADS 2026 Event Combines Clinical Insight and New Innovations for Advancing Radiation Therapy QA27.2.2026 00:00:00 EET | Press release
Sun Nuclear, a Mirion Medical company, today opened the QA & Dosimetry Symposium (QADS), taking place over the next two days in Rome, Italy. The 15th installment brings together more than 230 clinical physicists and radiation medicine professionals from nearly 40 countries. Participants from diverse clinical environments will earn continuing education credits while sharing practical insights, emerging approaches, and real-world experiences shaping the future of quality and patient safety in cancer care. Building on its legacy as a peer-driven forum with practical applications, QADS 2026 features sessions delivered by 24 speakers spanning: Future Directions in Machine and Patient QA and In-vivo Dosimetry Stereotactic Radiosurgery (SRS) and Stereotactic Body Radiation Therapy (SBRT) QA Safety and Guideline-driven Tool Selection Emerging Technologies, including Theranostics, AI and Automation Reinforcing its role as a launch point for clinically grounded innovation, QADS 2026 will serve a
Lattice to Highlight Low Power, Edge-Ready Programmable Solutions at embedded world 202626.2.2026 23:00:00 EET | Press release
Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced its exhibition plan for embedded world 2026, where it will demonstrate how its low power, small form factor FPGA innovations help engineers accelerate intelligent, scalable designs from cloud to sensor. At the event, Lattice will participate in expert panel discussions, lead conference sessions, and host an interactive booth experience filled with real-world solutions for the Automotive, Industrial, and Security markets from Lattice and its innovation partners. Who: Lattice Semiconductor What / When: Lattice Booth and Demo Showcase: March 10 – 12, Hall 4, Booth #528 Expert Panel featuring Lattice Chief Strategy and Marketing Officer Esam Elashmawi March 10 at 1:30 p.m. GMT+1, Hall 3, Booth #611 Conference Sessions March 10 at 5 p.m. GMT+1 Safety & Security: “Trusted Resilience Edge – Unified FPGA-TPM for Post-Quantum Cryptography RED & Cyber Resilience Act” March 11 at 10:30 a.m. GMT+1 IoT & Connec
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom