One of the largest crypto venture capitalists, a16z, has moved a large amount of tokens from an altcoin to a centralized exchange, likely for sale, according to onchain data.
Onchain data showed that crypto wallets linked to a16z moved 300,000 Compound (COMP) tokens worth $13.75 million to crypto exchange Coinbase Prime.
As one of Compound’s leading investors, a16z was an early investor and received 1 million COMP, or 10% of the total supply, in March 2020. Following the latest transfer, a16z currently holds 500,000 COMP tokens worth $22.9 million.
Interestingly, when a16z’s entire cryptocurrency holdings are examined, they have a total balance of $451 million. $428 million of this is in the Uniswap (UNI) token. Another notable cryptocurrency asset is Optimism (OP), worth $10.52 million.
They also have a modest investment of only $13,000 on the Ethereum side.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/a-giant-company-with-400-million-in-cryptocurrency-made-a-massive-sale-of-this-altcoin/