Andre Cronje Says Phantom Is “Cash Flow Positive” – Crypto News – Crypto News
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Andre Cronje Says Phantom Is “Cash Flow Positive” – Crypto News

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3 years ago

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After being absent from crypto for a number of months, renowned cryptocurrency developer and founder of a number of projects, Andre Cronje speaks out about Phantomin his recent blog post.

Andre Boasts Phantom’s Treasury

André Cronje, a well-known person in the DeFi space, claims that the Fantom blockchain project he advises and is a lead architect of, generates more than $10 million in annual revenue and is cash-flow positive.

In his recent post, he detailed out the project’s finances — starting from 2018 to till now. As per Andre, the Phantoms team has more than $300 million in assets, but didn’t clarify how much of that was in cash. “We are still scaling up.” Andre said.

Read More: Price of Phantom Rises by 25% on This Rumor

According to Andre Cronje, Fantom’s reported treasury is made up of around 450 million FTM which translates to around $85.7 million. Also, there are $50 million in other non-crypto assets, 100 million in stablecoins and another $100 million in undisclosed cryptocurrencies.

Reason Behind Andre’s Post

Cronje’s blog comes at a time when numerous crypto-native companies and projects are facing the heat due to the ongoing crypto turmoil induced by the FTX collapse; where few have already filed for bankruptcy proceedings.

Read More: BlockFi To File For Bankruptcy Amid FTX Contagion Effect

Andre’s blog comes as a breath of fresh air for investors who were concerned about the firm’s financial health. The organization which now employs more than 40 people is expected to have 30 years’ worth of runway, as per Andre.

Andre’s Learnings In Crypto

Andre also shares the lessons he learned during his brief stint in the crypto space. He goes on to state,

“Don’t try to compete with competitors for integrations, listings, partnerships. Unlike most of our competitors, the foundation owns a relatively small amount of FTM.”

Taking a hit at his competitors, Andre bluntly mentioned that many of the crypto projects he knows, only make money by selling their tokens. While in Fantom, they intend to take the completely opposite route. He further stated that,

Most comparable L1’s own between 50% — 80% of their token supply. At launch, Fantom owned less than 3%, today we own more than 14%. We prefer buying our token, we don’t “sell” our tokens for “partnerships”

About Phantom

Fantom describes itself as a consensus-as-a-service (CaaS) platform for the next generation of distributed ledgers. The network competes with the likes of Avalanche, Polygon and Solana for greater market dominance.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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