Ethereum-based Aragon Project Says it Hasn't Lost Faith in Ether (ETH), Reveals Market Positions

[PRIBO247]

The developers of Aragon , a cryptocurrency project that focuses
on developing “unstoppable organizations” on the Ethereum
network, has said that it has always “supported the Ethereum
community” and the platform’s ongoing development.

Strategizing During Bear Markets

Aragon’s team, which manages a platform that allows users to
“organize and collaborate without borders or intermediaries” by
launching globally accessible, “bureaucracy-free” organizations
and businesses , told its Twitter followers:

"The Aragon project has always been
supporting Ethereum and its community. Our
token sale was done in ETH, and we haven't
dumped any ETH (besides minor hedges to
other cryptos, <5%) or lost faith in it."

The direct message from the Aragon Association’s (AA) board
members, Luis Iván Cuende (the co-founder of the Aragon
project) and Jorge Izquierdo (the CEO at Aragon One, the for-
profit firm focusing on the development of Aragon), further
noted:

"When the Aragon token sale happened, we
raised $25m and ETH was at $90.
Fortunately, the Aragon Association has
made good bets in other cryptocurrencies,
and even after a year and a half of
operations, the Aragon Association now has
a portfolio worth more than $30m."

Selling XMR, $1 million in Ether

The AA also revealed that it had sold (in the past 24 hours) its
Monero ( XMR ) holdings, which are reportedly valued at over
$500,000. The association has liquidated part of its Ether ( ETH)
position as well - worth about $1 million.

Moreover, the Aragon association members recently took out a 1
million DAI loan, “collateralizing the CDP (certification of
deposit) with 40,000 ETH (415.9% collateralization ratio)”.
Going on to give an explanation as to why they have conducted
these recent transactions, the AA’s team noted:

"These are hard moments for the market, but
even with that, we want to make sure the
Aragon project can properly operate for the
foreseeable years without having to worry
about the market."

A "Time-Sensitive" Intervention

Because of the increasing levels of volatility in the cryptoasset
market, the AA board members decided to use their
“discretionary power” to conduct these particular trades (at this
time). During periods when a “time-sensitive intervention” is not
required, the association “will always try to follow the AGP
(Aragon Governance Proposal ) process, Aragon’s tweet thread
noted.

In response to Aragon’s announcement, Joe Weisenthal, an
Editor at Bloomberg’s business news, remarked:

"Wait, ICOs were raising money in Ether, and
instead of using that funding to build out the
project or convert to fiat they were making
"good bets in other cryptocurrencies"

Diversification Of Assets, Business Ethics

Replying to Weisenthal’s tweet, Luis Iván Cuende said:

"We have both built what we promised
(actually, waaay more than promised),
converted to fiat when possible (when legal
gave us clearance) and also placed bets on
decentralized protocols that will become the
backbone of the new Internet. What's the
issue?"

Meanwhile, Malthus John, the founder of LegalBlock, a
decentralized legal community, had an insightful comment to
add:

"Not to mention that it is prudent to diversify.
Teams that didn't do this are worse off.
Diversification means having some fiat too.
The main thing most pundits miss is that
there's no debt in these new models, and they
can and will sustain at a completely new
level."

Source : https://www.cryptoglobe.com