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PayPal Co-Founder Peter Thiel and Bitmain’s Jihan Wu Lead Block.One Investment Round

PayPal Co-Founder Peter Thiel and Bitmain’s Jihan Wu Lead Block.One Investment Round

Block.one, the developer behind EOS, which has held the largest initial coin offering (ICO) to date, has received investment from PayPal co-founder Peter Thiel and Bitmain co-founder Jihan Wu, among other big names in venture capital and investment.

According to a July 16 press release, Block.one received an undisclosed sum from Thiel and Wu as well as from two hedge fund billionaires, Louis Bacon of Moore Capital and Alan Howard of Brevan Howard.

Block.one is publisher of the software EOSIO, a blockchain protocol designed to enable the vertical and horizontal scaling of decentralized applications (dApps) through an environment similar to an operating system. EOS, the protocol’s native cryptocurrency token, raised over $4 billion in an ICO which concluded last month and is currently ranked fifth cryptocurrency in the world with a market capitalization of $7.1 bln.

Apart from starting the wildly successful PayPal, Thiel is known to have been an early backer of global tech sensations Facebook, Airbnb, and SpaceX, with much of his investment moving through his venture capital firm Founders Fund.

Crypto mining hardware giant Bitmain accounts for about 75% of the BTC mining chip market. Bitmain posted incredible revenues in 2017, eclipsing even those of GPU giant Nvidia. Co-founder Wu claims to hold 28% of the company, estimated to be worth about $5.3 billion.

Block.one announced that former CEO of Jefferies Asia, Michael Alexander, will lead its $1 billion venture capital fund for EOSIO ecosystem projects earlier in July. The press release noted that Block.one has also recently appointed the former Chief Financial Officer (CFO) of Australia’s Commonwealth Bank (CBA), Rob Jesudason, as its Group President and Chief Operating Officer (COO).

However, the project has run into some hurdles, including allegedly ‘epic’ vulnerabilities discovered in June.

17 Jul 2018

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