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Block.one, the developer behind the EOSIO software, has acquired financial support from PayPal co-founder Peter Thiel and Bitmain co-founder Jihan Wu. The news was announced by Block.one as it closed its funding round on early Monday morning, Ethereum World News reported.
Details regarding how much Thiel and Wu invested remain undisclosed but rumors have it that the PayPal co-founder threw in $20 million worth of Bitcoin (BTC) to support Block.one. Thiel apparently invested through his venture capital firm Founders Fund.
In the past, Thiel has been one of the earliest investors of Facebook, SpaceX, and Airbnb – all three of which are among the leading companies on their respective markets. Judging by Thiel’s past investment moves, it seems that the prominent entrepreneur has high hopes for Block.one as well.
Block.one’s native cryptocurrency, EOS, is currently ranked fifth globally with a market capitalization of $7.1 billion. Moreover, EOS is presently seeing green at the moment, with the cryptocurrency growing to 7.40 percent in a 24-hour period. Right now, it’s trading at $7.88.
Aside from Thiel and Wu, Block.one’s recently concluded funding saw hedge fund billionaires joining in as well, such as Moore Capital’s Louis Bacon and Brevan Howard’s Alan Howard. It would seem that these prominent investors are confident that Block.one will continue to rise in the crypto market as evidenced by how EOS is currently performing.
As for Wu, the Bitmain co-founder has seen a lot of success following the founding of his crypto mining hardware company, which has a 75 percent share of the Bitcoin mining chip industry. Bitmain’s revenue last year saw a skyrocketing figure, so much so that it even managed to outpace GPU giant Nvidia.
“The EOSIO protocol is a great example of blockchain innovation,” Wu said. “Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.” With all the funding coming in from these distinguished investors, Block.one and EOS are looking at a bright future indeed.
