Co-founders of the Tezos project – Arthur and Kathleen Breitman, were working on Tezos for three years before its ICO. From their headquarters in Switzerland, the duo collaborated with top developers to create the Tezos project.
There were numerous hang-ups un the Tezos ICO that saw distrust and frustration occur in the ICO community among investors. Some even tried to take the company to court.
However, the unique offering from the coin proved challenging to develop, resulting in delays that added fuel to the flames of the customer service fire. The ICO was active for 2,000-Bitcoin blocks, meaning that the length of the ICO was five or six times longer than the average ICO that would last a few days and raise tens of millions of dollars.
Instead, the Tezos ICO remained open for weeks, and there was no cap on how much money the company could raise in the ICO process.
During the ICO, Tezos managed to raise 65,703-BTC and 361,122-ETH, for a total value of $232-million at the time. Fortunately, the Tezos team was ethical, and instead of running away to a tax haven with the cash, they decided to commit $50-million to a VC firm, investing back into the company by building other side projects relating to the sustainability of the platform.