This post reports on what the iExec team is going to do with the funds they raised and the RLC tokens they own.
Results of the Crowdsale
The iExec crowdsale opened on April 19, 13:00 UTC and ended at 15:45. During those 2 hours 45 mins it collected: 2,761.761 BTC and 173,886 ETH. At the time BTC was valued at 1208.55 USD and ETH at 50.73 USD, thus iExec raised the equivalent of $12,158,963 USD making it the 6th largest ICO in history. In total 86,999,784 RLC have been issued and distributed to 1100 contributors.
This is a preliminary budget, that will be confirmed and amended by the advisors board once the board is setup. To achieve the fastest possible launch for the IEXEC company, factoring in recruitment, salary, installation in new offices, web design, contractors, etc. we will proceed as soon as possible with the following operations:
- budget 500 BTC and 23000 ETH for forthcoming spending, most of them will be hedged in fiat OTC.
- remaining BTC which are still stored on cold storage wallet will be moved to new BTC multisig wallet to improve the security; ETH are already stored in a multisig wallet.
- restructure the early investors, co-founders and team fund, that contain a total of 15M RLC at the moment. Early investors, who have supported iExec since October 2016, will receive around 40% of the fund, co-founders will receive 1M RLC each into two specific public addresses, and the remaining RLC (6.7M RLC) will remain on the team address attributed to the IEXEC company.
- provision 1.5M RLC from the bounty address in order to pay for ICO marketing, developer bounties, Bitcointalk signature campaign, security audits, ICO platforms, writing etc. and future actions.