NEW YORK/ZURICH – The Tezos cryptocurrency project is preparing to launch the long-awaited main version of its network that underpins a new virtual token on Monday, a Swiss foundation that promotes the initiative said on Twitter on Friday.
The Tezos Foundation raised $232 million in July 2017 to build the network and issue a new type of cryptocurrency to its backers in one of the largest-ever initial coin offerings, and launched an initial version of the network one year later after months of delays.
The Tezos Foundation plans to transition the network to a mainnet, or a more complete version, on Monday, according to a message seen by Ryan Jesperson, the foundation’s president.
After Reuters contacted the foundation for comment on the message on Friday morning it confirmed the launch date on Twitter.
“Have a great weekend, everyone, because mainnet arrives Monday!”, the foundation tweeted.
That launch would mark an achievement in a project hobbled by internal infighting and delays. Tezos still faces litigation in the United States and the threat of increased regulatory scrutiny of the nascent cryptocurrency sector.
A high-profile feud between project founders Arthur and Kathleen Breitman and former foundation president Johann Gevers was followed by Gevers stepping down in February. He was replaced by Jesperson, one of the project’s contributors.