Cardano Founder Reveals $450M Funding Amid Transparency Debate

In a recent “Ask Me Anything” (AMA) session on YouTube, Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), disclosed that he has personally invested $450 million into the Cardano ecosystem since its inception. This revelation came in response to a question regarding calls for greater transparency within IOG, as surfaced in a Reddit thread.

Cardano Founder Invested $450 Million Personally

When asked, “Did you see the Reddit thread about calls for transparency within IOG?”, Hoskinson provided an account of his financial contributions and the nature of IOG’s operations. He began by outlining the initial agreement for Cardano’s development:

“So here’s what happens, guys. I got a development contract to build Cardano, got about $32 million worth of Bitcoin, and got about $6 million worth of ADA. Mark to market at the time where it was received, add those two things together, it was a $38 million payment. So we built Cardano alongside lots of other people and were well past any semblance of delivered product from what I was contracted to do,” he stated.

Hoskinson emphasized that his personal investment far exceeded the initial contract value. “[I] spent out of my own pocket $450 million for this ecosystem,” he revealed. He expressed frustration over demands for transparency that, in his view, exceed reasonable expectations for a private company. “Then people go to Reddit and they say IOG is a public company apparently, and everything about our company, our profits and losses, should be publicly disclosed even though we’re a private development firm.”

Addressing the broader community’s concerns, Hoskinson defended IOG’s right to operational privacy while highlighting the company’s contributions to Cardano’s growth. “We’re not a public agency. We were contracted to build Cardano. We did it; we delivered it. Here it exists; there’s 1.4 million delegated wallets. The very fact it has an on-chain government debating things is an indication of mission accomplished,” he asserted.

He also contrasted his continued commitment to Cardano with the paths taken by his contemporaries in the crypto space. “Dan Larimer ran away. The vast majority of people from my generation in the crypto space are retired now, going on yacht parties and having fun with people. I stayed in the trenches with everybody,” Hoskinson remarked.

Highlighting IOG’s achievements, he cited the extensive research and development efforts undertaken: “We wrote more than 200 papers. You have 168 scientists we brought to bear. We set up labs all across; we built this giant movement with all these people with us.”

Hoskinson pushed back against what he perceives as unwarranted scrutiny and adversarial attitudes within the community. “You have to stop looking at every single person as an adversary. You have to stop looking at all the people who have been here for years of their lives—now for me, almost a decade now—every day showing up behind this microphone, running a company under enormous amounts of criticism internally and externally,” he implored.

The AMA comments drew attention on X, including a post by stake pool operator Plutus Staking on X. Plutus Staking noted: “He previously mentioned making 500M+ on BTC. Part of what he’s referring to here could be from IOG profits. That’s a question for Charles as anything from anyone else is speculation. He mentioned he gave his ETH away to his former secretary.”

At press time, ADA traded at $0.33.

Featured image created with DALL.E, chart from TradingView.com

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