Interchain Foundation has recently sold around 4,000 Ethereum which it had recieved during its 2017 April ICO. The sale is currently valued at $9.5 million and has become one of the many offloadings that Interchain has undertaken his year.
The developer of Cosmos has sold 15,100 ETH for a total of $37.09m since April 30th of this year. Through an initial coin offering (ICO) in April 2017, Interchain raised 4882.7 Bitcoin and 246,891 Ethereum.
The foundation still owns 383.8 BTC and 23,587 ETH after having sold 4499 Bitcoins and 223,305 ETH for roughly $132.2 million over the previous seven years.
What is Cosmos Network?
Cosmos Network is a decentralized network of independent, expandable, and compatible blockchains. The blockchain protocol powers an expanding number of blockchains constructed on the Cosmos Network and enables interoperability between them. It works in much the same way as sharing files that are compatible with any operating system on a computer.
Interchain Foundation Vouches to Promote Cosmos ecosystem
Interchain foundation and time and gain tried to scale the reach of Cosmos ecosystem. Just recently, Interchain Foundation had set aside $26.4 million to support the creation and uptake of Interchain Stack by 2024.
Compared to other years, this sum is substantially less. The ecosystem was to receive $40 million from the ICF in the 2023 budget, while the foundation allocated $54.1 million for ecosystem expansion in 2022.
The funds that have been raised for today’s ETH sale also draw the question of whether ICF will use them for the Cosmos network or not.
ICF Funding has often been divided into five main sectors that make up the Cosmos ecosystem. These domains encompass the programming language CosmJS, the Interblockchain Communication protocol (IBC), the Cosmos software development kit (SDK), the CometBFT consensus layer software, the CosmWasm smart contracting platform for cross-chain interoperability, and the Interblockchain Communication protocol.