Cryptocurrency project Tezos to launch main network

Monday 17 September 2018 10:56 CET | News

The Tezos cryptocurrency project is preparing to launch the main version of its network that underpins a new virtual token.

In July 2017, the Tezos Foundation raised USD 232 million to build the network and issue a new type of cryptocurrency to its backers in one of the largest-ever initial coin offerings, and launched an initial version of the network one year later after months of delays, according to Reuters.

The Tezos Foundation plans to transition the network to a complete version - mainnet, on September 17, according to a message seen by Reuters.

That launch would mark an achievement in a project hobbled by internal infighting and delays. Tezos still faces litigation in the United States and the threat of increased regulatory scrutiny of the nascent cryptocurrency sector. Moreover, several class-action lawsuits have been filed in the US against the project’s organizers alleging the fundraiser violated federal securities laws and defrauded investors.

The Tezos fundraiser was structured as a donation, though some contributors say they believed it was an investment. If deemed a securities offering, the new cryptocurrency might fall under the remit of the SEC.

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Keywords: Tezos, ICO, cryptocurrency, online fraud, lawsuit, Initial Coin Offering, US
Countries: World