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Ethereum Rival Rebounds 50% In 2 Days After Revealing $10M Annual Revenue Amid FTX Contagion

After the Fantom Foundation revealed its financial records, its native token Fantom (CRYPTO: FTM) rebounded over 50% in the last two days.

What Happened: According to the records, Fantom Foundation generated consistent profits and has 30 years of cash runway without having to sell any FTM tokens.

FTM was trading at $0.25 on Wednesday evening, up 47% since Nov.28, when it was trading below $0.17. 

Fantom Foundation "Architect" Andre Cronje released the firm's financial records on Nov.28, revealing that the firm had $340 million in digital assets and had earned over $10 million in annual revenue.

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Alameda purchased $35 million worth of FTM tokens in Feb 2021 to become a validator on the Fantom blockchain. However, Cronje dismissed any connection between Alameda or FTX (CRYPTO: FTT) becoming a part of the foundation. 

According to Cronje, most of the company's competitors own a relatively small amount of FTM.

He explained: “At launch, Fantom owned less than three percent of its tokens, and today we own more than fourteen percent. We prefer buying our tokens; we do not 'sell' our tokens for 'partnerships’.”

Price Action: At the time of writing, Ethereum (CRYPTO: ETH) was trading at $1,289, up 1.39% in the last 24 hours, according to Benzinga Pro. 
Read Next: Ethereum Gains Eclipse Bitcoin, Dogecoin In Broader Risk Rally: Analyst Says Charts Signal Powell's Speech Is 'So Far' Bullish

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