MEDIA ALERT: Algorand Foundation Announces Date for First Auction

What:

On June 19^th, 2019, The
Algorand Foundation will hold its first in a series of Dutch
Auctions out of Singapore. These auctions will allow Algos, the
native tokens of the Algorand platform, to enter circulation via a
mechanism where the market determines the fair price. This
inaugural auction also marks the launch of the Algorand network.

The Algorand Foundation believes in the value of the Algorand
platform, the Algo, and the potential for everyone to have an
opportunity as we enter a new, borderless economy. With a goal of
investing in the sustainability and performance of that economy,
the foundation has also announced a refund policy for auction
participants. Should any participant be dissatisfied with their
purchase of Algos, they may return their Algos back to the
foundation one-year post-purchase at up to 90 percent of the value
paid.

For the first auction, 25 million Algos will be available at a
starting price of $10.00 USD and a reserve price of $0.10 USD. The
auction will last for 4,000 blocks (about 5 hours), all bids will
be posted to and processed from the Algorand blockchain for
transparency and Algos will be distributed after the close of the
auction. Details from the foundation regarding token dynamics can
be found at algorand.foundation/token-dynamics.

Who:

The Algorand Foundation invites eligible participants to register
and join the auction.

When:

Where:

The auction will be conducted on the Algorand blockchain at https://auctions.algorand.foundation.

How:

To participate in the first Algorand Foundation auction, users
need to complete the registration process, including creating an
account, completing compliance checks, funding a USD wallet and
creating or importing an Algo wallet. These steps may take several
days to finalize before bidding is possible. To begin the
registration process, click here.