Today NEO announced their “Sponsor Giveback Plan”, in which participants in seed round, ICO1 and ICO2 funding can claim the fiat equivalent of the total they contributed in either RMB or NEO tokens. The NEO tokens acquired during the initial funding phases do not need to be returned to be eligible for the giveback.

NEO has grown into a global community effort and now has sufficient resources to sustain development for years to come. When the giveback is finished, NEO will be the world’s first ICO funded operation to offer a full return of funds to sponsors, which is a move that they hope will set an example for other ICO programs in the future.

NEO posted a blog outlining the details of the program –

The plan targets all the sponsors participating in the seed-round financing, ICO1 and ICO2, offering giveback in the amount of their respective contributions at the CNY rate back then (around CNY 30,000,000).

The giveback comes from the remainder of the total funds raised during the seed-round financing, ICO1 and ICO2. Initial sponsors may claim their respective portions either through bank transfer (in CNY only) or in NEO. For those who choose to claim the giveback in NEO, NEO Council will purchase NEO with the remaining funds. The 50% NEO under the management of NEO Council will not be used for the giveback, as it is reserved for the development of community and ecosystem.

Individual giveback amount is calculated as per following rules: for seed-round sponsors who contributed in CNY, the amount will be directly based on their contributions back then. For ICO1 and ICO2 sponsors who made contributions in BTC, the amount will be calculated as per then BTC/CNY rates1. Detailed instructions will be released within 2 weeks.

You can read the full post here – https://neo.org/blog/details/3014

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