After being absent from crypto for a number of months, renowned cryptocurrency developer and founder of a number of projects, Andre Cronje speaks out about Fantom, in his recent blog post.
Andre Boasts Fantom’s Treasury
Andre Cronje, a well-known person in the DeFi space, claims that the Fantom blockchain project he advises and is a lead architect of, generates more than $10 million in annual revenue and is cash-flow positive.
In his recent post, he detailed out the project’s finances — starting from 2018 to until now. As per Andre, the Fantom team has more than $300 million in assets, but didn’t clarify how much of that was in cash. “We are still scaling up.” Andre said.
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According to Andre Cronje, Fantom’s reported treasury is made up of around 450 million FTM which translates to around $85.7 million. Also, there are $50 million in other non-crypto assets, 100 million in stablecoins and another $100 million in undisclosed cryptocurrencies.
Reason Behind Andre’s Post
Cronje’s blog comes at a time when numerous crypto-native companies and projects are facing the heat due to the ongoing crypto turmoil induced by the FTX collapse; where few have already filed for bankruptcy proceedings.
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Andre’s blog comes as a breath of fresh air for investors who were concerned about the firm’s financial health. The organization which now employs more than 40 people is expected to have 30 years’ worth of runway, as per Andre.
Andre’s Learnings In Crypto
Andre also shares the lessons which he learnt during his brief stint in the crypto space. He goes on to state,
“Don’t try to compete with competitors for integrations, listings, partnerships. Unlike most of our competitors, the foundation owns a relatively small amount of FTM.”
Taking a hit at his competitors, Andre bluntly mentioned that many of the crypto projects he knows, only make money by selling their tokens. While in Fantom, they intend to take the completely opposite route. He further stated that,
Most comparable L1’s own between 50% — 80% of their token supply. At launch, Fantom owned less than 3%, today we own more than 14%. We prefer buying our token, we don’t “sell” our tokens for “partnerships”
About Fantom
Fantom describes itself as a consensus-as-a-service (CaaS) platform for the next generation of distributed ledgers. The network competes with the likes of Avalanche, Polygon and Solana for greater market dominance.
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Source: https://coingape.com/andre-cronje-fantom-cash-flow-positive/