As part of an ongoing effort to bring transparency and clarity to the Algorand project, we are continuing to publish regular transparency statements on our Algorand holdings and activities.
Entities and financial relationships:
USV’s has made its investment in Algorand, Inc, and holds its node agreements with the Algorand Foundation, through parallel entities that invest/divest in lock step. As a result of this structure, we maintain a set of Algo accounts for each of our token-holding entities (e.g., a cold storage account, an account dedicated to the staking rewards program, a trading account, etc.).
USV has signed node agreements which we believe are identical to those of the other early backers. Our tokens currently vest over a period of 5+ years, assuming our nodes are run in good standing. We run a total of 9 nodes.
USV is an investor in other cryptocurrency funds, as described here, some of which may have exposure to Algos. At least one USV portfolio company has taken investment from entities in the Algorand ecosystem.
In Q4 2020, USV did not sell any Algos. In Q1 2021, USV sold Algos constituting roughly 10% of our total holdings (including unvested Algos).
Linked below are all previous posts USV has written regarding Algorand: