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NEO News Roundup: H1 Financial Report Finalized And Partnership With Celer Network

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

NEO, one of the largest and most promising blockchain networks in the market, has recently partnered with Celer Network to integrate a second layer scaling solution. Moreover, the NEO Foundation finalizes its 2019 mid-year financial report. 

Partnership With Celer Network

NEO and Celer Network signed a partnership to improve the scalability and usability of the NEO dApp ecosystem for mass adoption. With this partnership, it will be possible for NEO to integrate Celer Network’s layer 2-scaling solution and expand the usability of its dApps. 

In order to help power Celer’s State Guarding Network to secure oo-chain states, the NEO Foundation is committed to staking CELR tokens and become one of the major nodes on the Celer Network. 

The blog post released by Celer Network explains that the NEO dApp ecosystem needed to solve the scalability challenge. In order to do so, the blockchain network decided to work with NEO and fix this issue. 

NEO Foundation’s H1 Financial Report

The NEO Foundation released its 2019 financial report related to the NEO Foundation holdings in GAS and NEO, investment funds and other assets. The report also provides information about the expenditures of the foundation.

The NEO Foundation spent 566,553 NEO and 62,118 GAS in order to motivate NEO core developers and support the operations of the Foundation and its global development. This is equal to over $9.97 million in NEO coins. 

The Foundation has also revealed they have invested 126,125 NEO in other blockchain projects. 104,358 NEO were deployed to motivate the growth of the NEO ecosystem. These two items are equal to $4.06 million. 

In addition to it, the NEO Foundation held 43,664,133 NEO and 4,123,533 FAS. These assets were valued at $745,750,676. The NEO the Foundation holds is equal to over 60% of the current circulating supply. 

They also registered other assets such as Bitcoin (BTC), Ethereum (ETH), Ontology (ONT), Ontology Gas (ONG), USD and CNY. These assets were valued at $78.6 million. 

With the addition of hedge funds, the total valuation of the funds held by the Foundation reaches $871 million. 

NEO Amsterdam Hackathon 

Finally, the NEO Amsterdam hackathon is currently planning to deploy a secure messaging app to the MainNet. The hackathon was held on September 4th and it was held in coordination with the Delft University of Technology and the University of Twente. 

Users had to create a messenger application such as WhatsApp or Telegram in a decentralized manner. Moreover, there should have been a focus on privacy. 

The winning version of the application is expected to be deployed to the NEO MainNet. At the same time, they will also be working with NeoBlocks founder and COZ member, Thomas Lobker. 

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