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HomeCrypto NewsMarketTerra Classic Team Clarifies Binance Role In Neblio Deal

Terra Classic Team Clarifies Binance Role In Neblio Deal

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Terra Rebels say Binance only played an introductory role in the sponsorship deal with Neblio.

In a tweet today, Terra Rebels, an independent group of volunteers working on the Terra Classic chain, clarified that Binance played no part in its latest sponsorship deal with Neblio aside from introducing both parties.

“For some clarification,” the group wrote. “At no time did binance play any role beyond an initial introduction in the support deal between Terra Rebels and Neblio. Binance at no time supported, backed, endorsed, brokered or played any other role in the support deal between Terra Rebels and Neblio.”

Notably, popular Terra Luna Classic (LUNC) influencer Classy Crypto also reiterated the message, sharing a screenshot of a note for Terra Rebels admin ClanMudhorn asserting that the spreading of information to the contrary was getting the Rebels in trouble.

The Neblio Deal

As reported by The Crypto Basic on October 11, Neblio became an official supporter of the Terra Classic chain through a planned sponsorship of the Terra Rebels. Notably, Neblio will offer infrastructure, financial and advisory support.

Per the leaked confidential agreement, Neblio will provide funding to the Terra Rebels in two tranches. Neblio will release the first tranche to the Rebels after the deal passes the group’s governance vote, earmarked for several infrastructure revitalization projects on the LUNC chain. Notably, after the Neblio team is satisfied that the Rebels have completed these projects, a second tranche will be released to the Rebels to be used at their discretion. Neblio will do all of these in exchange for promotion by the Terra Rebels.

While the deal promises to revitalize several critical LUNC chain infrastructures and incentivize development, some community members remain apprehensive.

Some LUNC Members Express Concerns

Notably, DemonMonkey777, an influential community member, who is also responsible for leaking the confidential agreement between the Rebels and Neblio, has expressed several misgivings about the partnership. DemonMonkey777 concerns include; the lack of transparency on the value of the deal, the desired anonymity by members of the Neblio team, and the lack of clarity on how the Terra Rebels will use the second tranche.ย ย 

Meanwhile, famous Terra whistleblower FatMan described the deal as a “death blow to Terra Classic.”ย  In an earlier comment, he had described it as a “cash grab” in exchange for shilling the Neblio chain.

Terra Rebels Respond To Concerns

Notably, in response to concerns by DemonMonkey777, Tobias Andersen, AKA Zaradar, a member of the Rebels and a Terra Classic core developer, highlighted that it is natural for sponsors to allocate funds to members of the team as part of a sponsorship deal. Zaradar also implied that it is fair that the team got compensated for its work, asking if the influencer preferred that they perpetually worked for free.

Meanwhile, Raider clarified that Terra Rebels would not be promoting the Neblio chain or coin. Instead, the promotion Neblio will get in exchange for its sponsorship will only revolve around its support.

It bears mentioning that in the crypto space, there is a general apprehension about Venture Capital funding as community members often fear that the goals of VCs may not always be in the community’s best interest.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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