Blockchain company Block.one has announced that it has received funds from Peter Thiel, billionaire investor and entrepreneur, as well as several other distinguished luminaries from the investment field. This roster of entrepreneurs features Bitmain, the Application Specific Integrated Circuit [ASIC] manufacturing giant, Louis Bacon, investor and hedge fund manager, and Alan Howard, British hedge fund manager.
This round of investment shows the sheer focus of industry titans on the field of blockchain and its impacts. Daniel Larimer, the CEO of Block.one, stated that:
“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”.
Jihan Wu, the Co-Founder of Bitmain said:
“The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption,”
The report published by Block.one concerning the investment spoke highly of Thiel, stating:
“Thiel is considered to be one of the most innovative entrepreneurs and investors in the world. In 1998, he founded PayPal, leading it as CEO and later taking the company public in 2002. He was one of the first outside investors in Facebook and is currently on its board of directors. As an investor, he has been involved in some of the highest-profile and most successful technology companies such as Airbnb, LinkedIn, and Yelp.”
The company was co-founded in 2016 by Daniel Larimer and Brendan Blumer with the aim of ‘ bettering the blockchain ecosystem’. Block.one entered the limelight when an almost year-long Initial Coin Offering raised an amount of $4 billion. The ICO was for the smart contract platform known as EOS [EOS], currently the 5th largest cryptocurrency by market capitalization.
The platform provides support for decentralized application [dApp] hosting, capabilities to run smart contracts and decentralized storage enterprise solutions that solve the scalability issues of existing blockchains. The network also runs the Delegated Proof-of-Stake consensus algorithm, which was invented by Larimer himself.
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