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Telos raises $8M funding before EVM launch to avoid token sales
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Blockchain platform Telos raised $8 million in funding led by ConsenSys and Polygon investor John Lilic. The funding was secured right before the launch of Telos’ Ethereum Virtual Machine (EVM) platform, ending the company’s ongoing streak of bootstrapped initiatives.
Telos aims to redirect the recently secured capital on the platform’s development and marketing in addition to improving the liquidity of the ecosystem “without needing to resort to TLOS token sales in the event of a prolonged bear market over the next year.” According to Telos chief architect Douglas Horn:
Speaking to Cointelegraph about moving away from token sales, Horn said that Telos aims to prevent centralized ownership, which eventually leads to whale trades as the
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