Blockchain Firm Block.one Closes Investment Round Led By Billionaire Peter Thiel And Bitmain

Blockchain, Investing, News | July 17, 2018 By:

EOS developer Block.one has secured investments from a number of major investors, including venture capitalist Peter Thiel and crypto mining giant Bitmain.

Block.one is the creator of the EOSIO software, an operating system on which scalable Decentralized Autonomous Communities (DAC) can easily be built, launched, and governed. Made possible through asynchronous smart contract communication, EOSIO is designed to empower communities to create the next era of disruptive organizations. Earlier this year, the company raised a record $4 billion in its initial coin offering (ICO). The software’s native cryptocurrency EOS is currently ranked fifth in the world with a market capitalization of $7.1 billion.

Other investors of Block.one’s latest funding round – the amount of which was not disclosed – included hedge fund billionaire Alan Howard and Moore Capital Management founder Louis Bacon. This round follows an earlier round led by Christian Angermayer, Lansdowne Investment Company, and Galaxy Digital’s Mike Novogratz.

“As Block.one prepares to announce its future plans, we’re excited to welcome key strategic investors aligned with our values of creating a more secure and connected world,” said Block.one CEO Brendan Blumer.

Thiel co-founded PayPal in 1999, and served as CEO until its sale to eBay in 2002 for $1.5 billion. Thiel became Facebook’s first outside investor when he acquired a 10.2% stake for $500,000 in August 2004. He sold the majority of his shares in Facebook for over $1 billion in 2012, but remains on the board of directors. In 2005, he created Founders Fund, a San Francisco-based venture capital fund. Last year, Founders Fund began amassing hundreds of millions of dollars in cryptocurrency including bitcoin.

Bitmain, a multinational semiconductor company, holds one of the most significant market shares in crypto mining equipment, with estimated profits for 2017 between $3 and $4 billion. The company was recently reported to be valued at $12 billion, making it the most valuable crypto-related organization in the world at the time.

“The EOSIO protocol is a great example of blockchain innovation,” said Bitmain co-CEO Jihan Wu. “Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.”