Cardano founder Charles Hoskinson has made a shocking financial revelation, disclosing that he has spent $450 million from his own pocket on the ecosystem.
Despite mounting critiques, Hoskinson has continued to discuss his commitment to the Cardano ecosystem, a project he founded in 2017. He has incessantly addressed the network’s issues and has always warded off external skepticism about the ecosystem.
In a recent podcast, Hoskinson addressed the issue of transparency demands for his firm, Input Output Hong Kong (IOHK). He responded to a Reddit thread calling for the public disclosure of the software development firm’s financial balance sheet, claiming it is a public company.
The Cardano founder noted that IOHK was a privately owned software company. Hence, the demand for details of its profits and losses was out of place.
Hoskinson Highlights Personal Sacrifice for the Cardano Ecosystem
While addressing the transparency issue, Hoskinson reflected on the financial implications of Cardano’s creation. In a short video shared by Plutus Staking on X, the founder noted that he and “lots of other people” spent $36 million in Bitcoin and $6 million worth of ADA at the market price at the time, aggregating to $38 million in payments on Cardano’s development contract.
Hoskinson further revealed that he has spent $450 million from his own pocket to fund the ecosystem’s development.
Comments Spark Community Reactions
Hoskinson’s $450 million investment disclosure got tongues wagging in the Cardano community. Users applauded his sacrifice and commitment to the ecosystem, while others raised skeptical points from his comments.
For instance, the TapTools team praised Hoskinson’s commitment to Cardano. The native analytics platform’s X handle noted that the founder “has been all in” for quite a while now, which is bullish for the ecosystem.
Another user quizzed where Hoskinson got the money, asking if it was from the 70% Ethereum pre-mine. However, in a response, Plutus Staking asserted that the funds might be part of his IOG profits or an earlier $500 million gain he disclosed making from Bitcoin.
Meanwhile, Hoskinson has recently been on the edge with the Cardano community. He announced on November 3 that he was taking a break from X due to growing toxicity among proponents.
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