Block.one attracts Peter Thiel and Bitmain investment

July 16, 2018
Chris Wheal

Block.one publishers of blockchain protocol EOSIO, the smart contract platform used by decentralised apps announced on Monday a rota of new investors that included PayPal founder, Peter Thiel and multinational semiconductor and blockchain hardware producer, Bitmain.

EOS.IO receives investment from PayPal founder Peter Thiel during second round of financing

Block.one’s high-performance Blockchain EOS, an open-source blockchain protocol, was launched in May 2017 and aims to be the lead decentralised operating system. The protocol is designed to enable secure data transfer and high-performance decentralized applications.

The software publisher is led by CEO Brendan Blumer and its CTO Daniel Larimer is inventor of the revolutionary Delegated Proof of Stake (DPOS) consensus mechanism. This is the second round of investment to the blockchain platform and showing the breadth of its investment also drew Louis Bacon, founder of Moore Capital Management and hedge fund billionaire, Alan Howard.

Bitmain’s Wu underscoring the allure said in a statement: “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.”

Ready to scale

First round investors were Christian Angermayer, Lansdowne Investment Company and Galaxy Digital’s Mike Novogratz. Block.one which raised $4bn in token sales in May this year with its EOS digital coin. It is ranked fifth by market cap of $7.1bn and EOS rose 8.25% to $7.95 at time of publishing.

Thiel who founded PayPal in 1998 is worth over $2.5bn and is well known for his major investments in tech companies in their early stages such as Facebook.

Block.one, which also announced high profile additions to its team: former CFO of Commonwealth Bank of Australia Rob Jesudason, as Group President and former Jefferies Asia CEO, Mike Alexander, as EOS VC arm says it is preparing to announce future plans.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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