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
SES Launches Multi-Orbit Satellite Connectivity on Mexico’s Viva1.6.2026 21:00:00 EEST | Press release
SES, a leading space solutions company, and Viva, Mexico’s ultra low-cost airline, launched fast and reliable multi-orbit satellite inflight connectivity service on Viva’s Airbus aircraft, strengthening SES’s position as a leading provider of satellite-powered broadband inflight service in the Americas and around the world. “Viva’s passengers will soon benefit from reliable, multi-orbit satellite connectivity that will provide the same fast and dependable internet access they enjoy at home no matter where or when they fly. SES’ partnerships with growing airlines like Viva highlight how carriers throughout the Americas are leading the way when it comes to the most advanced connectivity. SES is the engine that powers inflight connectivity, a trusted partner that makes airline operations easier,” said Mike DeMarco, SES President of Mobility. A total of 60 A320s and 40 A321s are set to offer the SES solution in the coming years. With the youngest Latin American fleet of Airbus A320s and A3
Motive Powers Latin America’s Next Wave of Mobile Innovation1.6.2026 18:00:00 EEST | Press release
Motive, a global leader in entitlement and connected device & service management, joined operators and industry leaders at M360 LATAM in Mexico City, showcasing live deployments across the region's most consequential use cases: Satellite Direct-to-Device connectivity for unreachable geographies, end-to-end eSIM provisioning and visibility at scale, and SIM-based silent authentication replacing fraud-exposed SMS OTP. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260531906729/en/ Across landmark deployments with multiple Claro, Vivo, and Entel operations, Motive’s Entitlement Server (Motive ES) has moved from infrastructure component to regional growth engine. These deployments are citing measurable commercial growth, enabling streamlined eSIM provisioning, improved device onboarding experiences, and new revenue opportunities tied to digital services and secure identity. Powered by Motive ES, Entel Chile became the first mobi
Interactive Brokers Integrates AI into Client Portfolios – Informed by Agentic Technology, Controlled by the Client1.6.2026 17:00:00 EEST | Press release
Interactive Brokers (Nasdaq: IBKR), an automated global broker, today announced agentic trading through direct integration with Claude, one of the world's leading AI platforms. Available through the AI platform’s certified connector marketplace, the integration lets clients manage their accounts and access more than 170 global markets. "Interactive Brokers has used technology for over four decades to help investors make more informed decisions and interact more efficiently with markets," said Milan Galik, Chief Executive Officer of Interactive Brokers. "Investors are increasingly using artificial intelligence to research markets, analyze information and generate ideas. We believe the next logical step is to allow clients to securely connect AI tools directly to their brokerage accounts — whether they want a simple conversational interface, deeper portfolio analysis or the ability to develop and execute sophisticated trading strategies.” Clients can link their existing IBKR account thro
AIM Expands Life Sciences Supply Chain Capabilities and Hires New Partner, Thomas Ebel1.6.2026 16:01:00 EEST | Press release
AIM today announced the appointment of veteran pharma supply chain expert Thomas Ebel as Partner, effective June 15. Mr. Ebel brings more than 25 years of supply chain consulting experience at leading firms including CAMELOT, McKinsey, and Accenture, and will anchor a broader initiative to expand AIM’s end-to-end supply chain capabilities. According to Richard de Bakker, Statutory Director and Founder at AIM, the firm is significantly expanding its capabilities around “end-to-end” supply chain needs. “AIM is well known as a leader in supply chain development for launch, as well as optimization of existing supply chains — supporting clients in getting their finished products to patients,” said Mr. de Bakker. “We are now adding new capabilities in supply chain diagnostics and strategy, end-to-end planning optimization, supply reliability, and working capital optimization, among others. Combined with AIM’s established supply chain expertise, this expanded offering gives clients true ‘end-
Seoul Semiconductor's World-First 'HV Opto-Semiconductor' Powers Up Global Top 4 Automakers1.6.2026 16:00:00 EEST | Press release
Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890), a global opto-semiconductor technology company, announced that its world's first High Voltage (HV) opto-semiconductor technology has entered mass production with four of the world's top automotive brands across the Americas, Europe, and Asia, with plans to expand supply to 10 models by the end of the year. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260601232986/en/ Comparison: Conventional 3V LED vs. Seoul Semiconductor 12V 'HV Opto-Semiconductor' (Figure: Seoul Semiconductor) The technology combines micro-scaled opto-semiconductor chips capable of 12V single-chip operation — as opposed to conventional 3V LEDs — with a high-voltage (HV) driver technology. This enables a reduction of more than 10% in the number of driver-related components used in hybrid and electric vehicles, while lowering power consumption by approximately 10%, contributing to cost reduction and simplific
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