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Peter Thiel, Bitmain Invest In Block.one

By

Matthew

De Silva

WriterETHNews.com

Perhaps a $4 billion initial coin offering wasn’t enough. Block.one, creator of EOS, has secured additional funding from a handful of financiers as well as a bitcoin mining company.

On Monday morning, Block.one announced the closure of a strategic investment round, which included high-profile names like venture capitalist Peter Thiel and Bitmain, an ASIC designer and bitcoin mining company. Hedge fund managers Louis Bacon of Moore Capital Management and Alan Howard of Brevan Howard Asset management LLP were also part of the latest round.

Block.one did not disclose the size of the investment round. It's not apparent whether the backers will be provided with equity or tokens. Nonetheless, this new wave of support seems to suggest that Block.one is finally finding its legs after a shaky launch.

Readers may remember that in the last couple weeks, the price of RAM on the EOS blockchain had increased rapidly (possibly due to outsize speculation). But that wasn't the primary headache for EOS. What really plagued the project was its community's division over block producers, which ETHNews reported on in June.

Regardless of the project's contentious governance and utility (or lack thereof), at the time of writing, the market cap of EOS tokens is approximately $7 billion. For what it's worth, the three largest trading pairs for EOS tokens are all EOS/USDT (that is, Tether). Binance possesses the largest 24-hour trading volume of EOS tokens at the equivalent of $110 million.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

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