Aragon Project Adds $20M ETH To Treasury For Safety After FTX Crash

The Aragon Project increased its ether (ETH) holdings by more than $20 million to increase its exposure to censorship-resistant cryptocurrencies.

According to its weekly report, Aragon exchanged $20,400,000 worth of USDC and bitcoin for ETH. Approximately 42% of the Aragon treasury’s current $153 million value is represented by Ether tokens. Aragon exchanged additional wrapped bitcoin worth $5,2 million for BTC. The rebalancing of the project’s treasury involved the transfer of $20 million in USDC to the DAI stablecoin.

Aragon is an Ethereum-based project that provides users with the tools to create and manage DAOs. It consists of a non-profit organisation called the Aragon Association, and a DAO named the Aragon Network DAO.

Currently, Ethereum comprises 42% of the Aragonese treasury. Image: Aragon

Treasury reallocations were conducted in response to the FTX collapse, which showed the failure of centralised crypto infrastructure, as stated by Aragon.

“Moving more of our treasury to ETH, DAI, and BTC improves our security and censorship-resistance by reducing our exposure to assets that are at risk of mismanagement or interference by centralised forces,” Aragon said.

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