Tim Draper Buys 1M ANT Tokens (2.5% Supply) For Aragon’s Blockchain-Based Court System
According to a press statement released on Wednesday, Tim Draper, a renowned venture capitalist has bought 1 million ANT tokens (valued at $760,000 before going to press) in Aragon. This makes Draper one of the whales in the decentralized governance project which was started on Ethereum blockchain.
The deal means that Tim Draper will now have control of about 2.5% of the total Aragon’s supplied tokens. This means that Draper will have an influence on decisions made within the project.
Aragon Association is based in Switzerland and is in the process of developing a virtual judicial system that will serve decentralized autonomous organizations commonly referred to as DAOs and also serve its native Aragon network. As per the plan, any person holding 1,000 tokens will have a chance to be part of the ‘Aragon Court’ which held its first session on Feb. 10.
According to Luis Cuende, Aragon Association head director, Draper’s investment in the project was informed by Aragon court going live. He said:
“I think the recent launch of Aragon Court and the realization that Aragon can be to governance what Bitcoin (BTC) is to money prompted Draper to join.”
Previously, Draper has been involved in other projects led by Cuende and is an investor in an immutability email startup known as Stampery which is Cuende’s brainchild. Cuende explained that such a relationship was vital in prompting Draper to come on board on Aragon’s project.
Draper is poised to become a member of Aragon advisory board, Cuende told CoinDesk.
Draper is yet to release any public statement regarding the current deal and had not responded to CoinDesk’s request about the matter before going to press. However, keep it here as we will provide more details about the deal when we receive any information from Draper.
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