The Sango project, which should see the creation of a “crypto island” in the Central African Republic, has postponed the listing of its token on the exchanges. To date, the project is struggling to convince, with only $1.66 million raised.
SANGO token listing postponed
It has been a few months since the Central African Republic launched the Sango project, with the aim of creating a global hub dedicated to cryptocurrencies. After the adoption of Bitcoin (BTC) as legal tender, this project must provide growth opportunities for the country. Nevertheless, the SANGO token struggles to convince investors.
Thus, the project teams informed, yesterday on Telegram, that the listing of the token on exchanges was postponed to the next quarter. Note also that the exchanges in question have not been cited.
However, the reasons given remain rather elusive:
“However, due to current market conditions and considering other marketing reasons (such as the holiday season and the usual slowdown in global sales during the months of January and February), we will postpone the listing of SANGO and the release of 5% in the first quarter of 2023. As you probably know, we cannot provide further details on the roster before the official team announcements. »
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In total, 13 financing cycles must accompany the project. The “Genesis” phase has already been completed, and the current “Phase 1” ends on Thursday and will be succeeded by phases of thirty days each.
For now, the least we can say is that enthusiasm is not there. Of the 210 million tokens at 10 cents, only a little over 16.5 million have been sold. As for the current phase, it seems that only 36,540 tokens have been sold, out of the 600 million that would have been expected.
In total, these are $1.66 million that have been raised so far, which seems very little to build the famous and long-awaited “crypto island”. It should also be recalled that the Constitutional Court of the Central African Republic had opposed the sale of citizenship as well as the country’s natural resources through the Sango project.
For tokens that will not find buyers during the different funding cycles, it has been specified that they will be burned when placed on the market. If there are still eleven phases left to raise funds, there is no guarantee that these will be more successful than the previous ones. Despite everything, will the project be able to recover and eventually see the light of day?
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