So, Telos raises $8M funding before EVM launch, this is to avoid token sales.
Of course, ConsenSys and Polygon investor John Lilic lead this $8 million in funding.
More so, The funding comes ahead of the launch of Telos’ Ethereum Virtual Machine (EVM) platform. Thereby, ending the company’s ongoing streak of initiatives.
Furthermore, Telos targets to redirect the capital on the platform’s development and then marketing. Of course, this is to improve the liquidity of the ecosystem
“without needing to resort to TLOS token sales in the event…”
“of a prolonged bear market over the next year.”
So, As per information from Telos chief architect Douglas Horn.
“While this [bootstrapping] preserved our identity as an egalitarian, self-governing…”
“community, it left us exposed to the risks of continuing to…”
“fund our explosive growth through extended bear markets.”
Also, Douglas Horn explains about moving away from token sales, noting that Telos wants to prevent centralize ownership. Of course, this will bring about whale trades as the network grows.
“By having a fair community launch and a truly decentralized operation,…”
“Telos also avoids regulatory scrutiny at the highest level possible for any crypto,”
So, he adds.
Furthermore, The $8 million funding has the support of a group of five prominent crypto investors. So, they plan to help Telos with
“deep industry connections and deal-making expertise”
In order, to help fast-track exchange listings and decentralize finance initiatives.
More so, the investors will receive 1.7% of the total TLOS token supply
“The investors entered the agreement via a community liaison when $TLOS tokens were…”
“trading at $0.90 USD and agreed to pay a $0.10 USD premium on the market price.”
