We’re moving 1,250,000 XCH from the US cold wallet to the US warm wallet, and to keep the warm-to-cold wallet funds in balance, we’ll be moving 1,250,000 XCH from the Swiss warm wallet to the Swiss cold wallet.
Context:
When we built and launched the Chia blockchain, we set aside a prefarm of 21 million XCH for strategic development and investment opportunities (more details on the prefarm mechanisms can be found here). That XCH was split across four separate wallets, Swiss warm and cold wallets, and US warm and cold wallets.
Now that the prefarm is settled in the new custody system, we’re shifting things around a bit to ensure we’re able to efficiently jump on opportunities which make sense for the funds. We’re making the change as an exercise in tax planning which should reduce costs for converting XCH into fiat for future opportunities.
We’ll start by initiating the US cold-to-warm transfer which requires a 90 day clawback period and then initiating the Swiss warm-to-cold transfer which only requires a 24 hour clawback. For those following along, please be aware that this process will take some time as each transaction undergoes the full custody review and its respective clawback period.
Additionally, we’ll be sending 50,000 XCH to the market maker in the Chia ecosystem today.
As ever, you can follow every step of the process for each of these transactions with the Prefarm Audit tool.
