Project Ragnarok, a measure to return ether to ICO investors from the Digix project’s treasury – which was held independently of the company in a decentralized autonomous organization (DAO), DigixDAO – has passed with over 95 percent support. Only 52 votes were cast, according to the proposal on the Digix community site.
A project which conducted a 2016 initial coin offering (ICO) has voted to liquidate its $64 million treasury, returning funds to investors.
With the passage, a contract will be executed, unstaking and giving back 0.19 ETH per DGD – Digix’s token which links physical gold bullion to representations on the ethereum network – near par with the current value of DGD, according to Messari.
Digix conducted its ICO in 2016, raising some 466,648 ETH worth some $7 million at the time. DigixDAO currently holds 380,000 ETH according to two addresses on ethscanner.
As CoinDesk reported this winter, Digix’s CEO Kai Cheng Chng offered to dissolve the DAO following community requests. «One recurring comment was for a mechanism for dissatisfied DGD token holders to make a clean break from DigixDAO”, he wrote in a Digix blog post. Digix itself does not plan on closing up shop given the results of the vote, however.
Digix abstained from voting on the proposal as it was not in favor of liquidating the fund, according to the blog post.
Dragonfly Capital Managing Partner Alexander Pack Steps Down
Alexander Pack, managing partner of Dragonfly Capital Partners, has stepped down from the crypto investment firm, according to a letter obtained by CoinDesk. The move was confirmed by Dragonfly Managing Partner Haseeb Qureshi.The unsigned letter to the fund’s limited partners, dated April 27, says that the decision is “due to a difference in vision on the direction of the firm.” Pack will continue to serve in a part-time capacity as a venture partner, stewarding one of the company’s first funds.
“The split could not be more amicable”, Qureshi told CoinDesk via email. “Alex is a great investor and thinker in crypto, and he’ll continue supporting our ecosystem of portfolio companies as a Venture Partner. We remain on great terms with him and we hope to continue to work together down the road.”
Dragonfly has been a large but quiet firm in the space, announcing itself in October 2018 with $100 million under management. The firm’s objective has always been to bridge investments between the U.S. and Asia. It invests in cryptocurrencies, new protocols and startups, including Compound, Coda, dYdX and Celo, according to the company’s website. It took a large stake in MKR tokens late last year.
Pack was an alumnus of Bain Capital Ventures. The other managing partners include Bo Feng, previously a founding partner of Ceyuan Ventures, and Haseeb Qureshi, previously a general partner at MetaStable Capital.
“We remain on great terms with Alexander and look forward to collaborating with him in his future endeavors for many years to come”, the letter states.
Pack did not reply to a request for comment as of press time.
