Peter Thiel, Bitmain Co-Founder Invest in EOS Developer Block.one

In a fresh round of funding, Block.one has added to its line-up of major investors PayPal co-founder Peter Thiel and bitcoin mining giant Bitmain.

AccessTimeIconJul 16, 2018 at 4:10 p.m. UTC
Updated Sep 13, 2021 at 8:10 a.m. UTC

EOS protocol maker Block.one has received new backing from a number of big-name investors, including PayPal co-founder Peter Thiel.

In a fresh round of funding – the amount of which was not disclosed – Block.one, the company behind what has now become the fifth-most valuable cryptocurrency by market capitalization, has added Thiel, Bitmain and hedge fund billionaires Louis Bacon and Alan Howard to its list of investors.

CEO Brendan Blumer said the firm is "excited to welcome key strategic investors aligned with our values of creating a more secure and connected world."

"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," Wu said in a statement.

While it's not clear how the funds will enhance the roughly $4 billion raised over the course of a year-long token sale – EOS formally launched in June – it undoubtedly adds some institutional heft to Block.one's ranks. Some of the other investors in the company include Galaxy Digital's Mike Novogratz and the founder of Apeiron Investment Group, Christian Angermayer.

It's been a bumpy ride since launch, with the project encountering governance-related headwinds and criticisms around an arbitration mechanism that is aimed at resolving disputes between parties on the network.

Last week, CoinDesk reported that Block.one is now planning to play a more active role in the network than what was perhaps originally conceived.

Peter Thiel image via CreativeCommons

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

FTX’s $250 million credit facility offer – if inked as initially proposed – stood to effectively wipe out all BlockFi shareholders, including Morgan Creek Digital, the firm told its investors.

CoinDesk - Unknown
3
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown