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
Ant International’s R2 Enters Brazil, Bringing Embedded Credit Technology to Serve SMBs and Gig Workers27.8.2026 12:00:00 EEST | Press release
R2 today announced its expansion into Brazil, marking the company's entry into Latin America's largest economy. With the support of Ant International, a leading global digital payment, digitisation and FinAI solutions provider, R2 will partner with digital platforms across Brazil to embed working capital solutions directly into the products their merchants and gig workers already use. For digital platforms, marketplaces, payment providers, ecommerce companies, and others serving SMBs and gig workers, R2 provides a proven embedded credit technology solution that enables them to offer financing to their users without building credit operations themselves, and without taking on credit risk. The result is a new revenue stream and a stronger value proposition for their merchant base. For the businesses and workers those platforms serve, it means access to working capital based on how they actually perform, not on documentation that most of them don't have. "Brazil is a defining milestone in
Samsung Display Elevates Gaming Immersion with QD-OLED at Gamescom 202627.8.2026 11:30:00 EEST | Press release
Samsung Display will showcase the gaming performance advantages of QD-OLED through collaborations with global game companies at gamescom 2026, the world’s largest gaming exhibition. The company also announced plans to begin mass production of 24.5-inch QD-OLED panels optimized for eSports and FPS games by the end of this year, underscoring its technology leadership in the gaming monitor market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260827640374/en/ Visitors experiencing PRAGMATA on gaming monitors featuring Samsung Display’s QD-OLED at the CAPCOM booth during gamescom 2026 Highly anticipated titles from CAPCOM, KRAFTON and CD PROJEKT RED take the stage at gamescom with QD-OLED displays Samsung Display announced on August 27 that it will partner with global game companies including CAPCOM, KRAFTON, and CD PROJEKT RED at gamescom 2026, taking place in Cologne, Germany, from August 26 to 30. New and flagship titles fro
SCP Standard Capital Partners AG: VANEA Defence Unveils ATOMZA®, the First Production-Ready Drone Defence System for Civilian Operators27.8.2026 11:13:00 EEST | Press release
VANEA Defence today unveiled ATOMZA, the world’s first drone defence system designed for civilian deployment that can be operated by private organisations without sovereign enforcement powers. The system opens up a previously inaccessible market for active counter-UAS solutions, which until now have largely been restricted to public security authorities legally authorised to intervene against drones. ATOMZA will make its public debut at Drone Days in Bremen, Germany, on 27th and 28th August. A new category of civilian counter-UAS mitigation ATOMZA uses a non-kinetic optical effector that employs directed photonic radiation to disable a drone’s optical sensors without destroying the aircraft. This approach makes ATOMZA the first solution that can be deployed specifically to mitigate a drone threat without constituting an intervention requiring sovereign enforcement powers. While jammers, high-energy lasers and interceptor drones are legally restricted to authorised security authorities,
Grid Dynamics Appoints Industry Veteran Nikita Ivanov as Head of AI26.8.2026 23:05:00 EEST | Press release
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a premier AI transformation partner for the Fortune 1000, is advancing its AI strategy under the leadership of Nikita Ivanov, Vice President, Head of AI. Ivanov is responsible for leading the transition efforts of Grid Dynamics’ clients toward an AI-native software delivery model, and he oversees all elements of Grid Dynamics AI Native (GAIN) platforms. Ivanov brings more than two decades of experience founding and leading technology companies to his role as Vice President, Head of AI. He founded and led GridGain, a distributed computing company built for in-memory data processing. During his 15-year tenure at GridGain, Ivanov also founded the natural language processing framework Apache NLPCraft and, later, Humatron AI, an AI workforce platform. He then served as Field CTO for GenAI at DataStax. That same pattern of building foundational tools now runs through Grid Dynamics’ own AI-SDLC tools, Allium, Rosetta, and SpecFlow
Arc'teryx Introduces System 0™, a New Framework for the Future of Product Design and Circularity26.8.2026 16:00:00 EEST | Press release
Arc'teryx Equipment, the global design company specializing in technical high-performance apparel and equipment, today introduced System 0™, a new framework that reimagines how products can be designed, manufactured, used, repaired, and ultimately regenerated. System 0 represents the next evolution for sustainability in the outdoor industry, as it embeds circular thinking across an entire product lifecycle while maintaining the uncompromising performance standards that define the Arc’teryx brand. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260826686539/en/ Arc’teryx athlete, Craig Murray, wearing the Sperro SV, a multisport mountain-grade hardshell built with circular design principles, available September 4, 2026. The first product being introduced as part of the System 0 platform is the Sperro SV jacket, a multisport mountain-grade hardshell engineered for durability, repairability, and disassembly at end of life – the
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