Peter Thiel, Bitmain Make Strategic Investment In EOS (EOS) Core Team Block.one
Block.one, the creator of the EOSIO blockchain protocol has secured strategic investments from Peter Thiel, renowned venture capitalist and Jihan Wu of the crypto mining giant Bitmain.
The announcement was made by Block.one on July, 16.
The investments from Peter Thiel and Jihan Wu concludes another round of funding organized by Block.one.
The amount raised through this funding round was not disclosed by the software development lab. However, it is rumored that Thiel invested up to $20 million through his venture capital firm Founders Fund.
The investments made by Peter Thiel, Co-Founder of PayPal, and Jihan Wu were not the only investments sealed by Block.one, but certainly the biggest.
Other notable investors include Louis Bacon, CEO of Moore Capital Management and Alan Howard, fund manager and co-founder of Brevan Howard Asset Management LLP.
Jihan Wu in speaking about his new investment is quoted saying:
“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.”
Earlier this month, when Block.one completed its record-breaking ICO of $4 billion, Michael Alexander (former CEO of Jefferies Asia) was appointed as the head of its $1 billion EOS venture cap fund.
At press time, the use of the funds raised by Block.one still remains a mystery.
However, the institutional heft of Block.one’s rank is flamboyant and adds to the heft of EOS notwithstanding the controversies that have plagued the network since its MainNet went live.
It was reported last week that Block.one could assume a major role in the functioning of the EOS network.
The EOS platform has suffered a steady decline since its MainNet launched in June, and last week, the startup firm started its voting process through the EOS tokens.
Block.one controls a large portion of tokens on the network, and this could put Block.one in a very powerful situation if it decides to enter any vote. This has attracted criticism.
Price and market performance of EOS (EOS)
The results yielded by the EOS MainNet launch is not what many expected. The network has suffered from a steady decline ever since the MainNet launch, and consequently, the EOS tokens have suffered as well.
However, things are beginning to shape up as the broader market recovers.
As at the time of this writing, EOS is one of the biggest gainers of the large caps, has gained 10.51% over the last 24 hours. As a result, EOS tokens are valued at $8.85 apiece.
EOS remains the 5th largest cryptocurrency with an estimated market cap of USD $7.928 billion.
The announcement made by Block.one in combination with Bitcoin’s price jump could be the fuel behind the rising in price of EOS. If so, EOS can see some more green over the next couple of hours, and possibly days.