This address (V3ZJHYSUMAUZXMSPO6GNDO6QQUGB5OWCHNAB5A743TKYC3RWBPAL3P5IIA) listed in the foundation BitGo addresses. I noticed recent large transfers from this address to binance (there are more similar ones in the past few days):
It would probably create more transparency if the foundation also keeps a public list of transactions and reasons for them too. Or whether BitGo is allowed to loan these (not in circulation) coins to Binance.
I have seen that and is basically the page I referenced, however does not explain several large transfers to Binance, exactly when the Algos inventory was relatively low.
In that case, it’s quite possible they had to borrow ALGO from Algorand.
It was well discussed that Binance had blocked withdrawals for some time and the speculation (and looking at their hot wallet) that they simply didn’t have ALGO to send.
These transactions do not represent Algo entering circulating supply
Hi @awesomecrypto,
These transactions are linked to the Structured Selling program as outlined in the Long Term Algo Dynamics ( https://algorand.foundation/the-algo/algo-dynamics ) and reported on as part of the published transparency reports ( https://algorand.foundation/news/october2020-transparency - which also outlines the guidelines followed by this program ).
This structured selling program is, for example, how the Foundation facilitates Ecosystem development programs and grants where the recipient requires payment in fiat currencies.
To be explicit, BitGo only performs transactions explicitly requested by the Foundation today and by the governance program in the future.
The next transparency report will provide an update on the most recent period, including the total amount of structured selling that will have taken place.
Hope that helps clarify?
Steve