Andre Cronj: The Fantom project has positive cash flow

Andre Cronj: The Fantom project has positive cash flow

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Answer Andre Cronj: The Fantom project has positive cash flow

After being away from cryptocurrency for several months, Andre Cronje is back and talking about the Fantom Project in his latest blog post.

Andre proud of his Project Fantom wardrobe:

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

In his last message, he detailed the financial resources of the project – from 2018 until now.

According to Andre, Fantom has more than $300 million in assets, but he did not say how much of that was in cash.

Andre added:

We are still expanding.

Read:The volume of Ethereum transactions reaches a record level, coinciding with the rise in the market value of decentralized finance

According to Andre, Fantom’s reported treasury consists 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:

Andre’s post comes at a time when many cryptocurrency startups and projects are facing significant pressure due to the ongoing turmoil around FTX, with a few already filing for bankruptcy proceedings.

Andre’s blog is a breath of fresh air for investors who were concerned about the financial health of the Fantom project.

Andre also shares the lessons he learned during his short stint in the crypto space, and goes on to say:

Don’t try to compete with competitors over mergers, listings, and partnerships.

Unlike most of our competitors, FTX Corporation owns a relatively small amount of FTM.

Having received great success about the projects he launches, Andre frankly stated that many of the crypto projects he knows only make money by selling their digital tokens.

While on Fantom, Andre intends to take the exact opposite route, further stating:

Read:The defunct trading platform “Mt. Gox Announces an Important Update Regarding the Payment Process… Will This Affect the Crypto Market?

Most comparable L1s hold between 50% – 80% of the cryptocurrency supply.

At launch, Fantom owned less than 3%, and today we own over 14%.

We prefer to buy our digital tokens, not sell them for “partnerships”.

Read also:

Cryptocurrency exchange Coinsquare confirms it was hacked

It’s Official: BlockFi Files for Bankruptcy Impacted by FTX Infection

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