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PayPal Co-Founder Invests in Block.one

Peter Thiel, one of the earlier investors in Facebook, is making a new wager within the cryptosphere. Thiel recently participated in Block.one, a blockchain startup, during its latest round of funding as per announcements earlier this week. Block.one amassed a whopping four billion dollars during its ICO to fund its blockchain network, Eos.ios.


ICO

Initial coin offerings saw a new break in the record during Block.one’s ICO which managed to gather $4B in funding, setting a new record and soared past any of the biggest and most currently active coin offerings available on stock exchanges in 2018 before its launch.

The company’s head executive, Brendan Blumer, stated that while the company is preparing to discuss its next step, it continues welcoming its most important investors expressing the same intentions of a more connected global community. Bitmain, the leading digital mining company in the world, was also another involved member of the ICO. Last year, Bitmain raised almost $4B in profit during its entire operational year, on part with Nvidia, one of the leading companies in graphics cards.

In 1998, Peter Thiel co-founded the famous Paypal and was among the initial private investors in Facebook. According to reports, Thiel’s Founders Fund, a VC company co-founded by him started earning hundreds of millions worth of digital currencies. Earlier this year, the co-founding investor stated his long-time support of Bitcoin and firmly believes that it will become one of the most stable and secure investment projects. He also expressed a few notions regarding Bitcoin’s status as a store of value as opposed to an alternative everyday payment method.

Struggles

Given the status of Bitcoin and many other cryptocurrencies recently, the leading digital coin has been underperforming as of late. This year, Bitcoin has dropped more than 50% on the market, far below its $20K value last year.

John Oliver, a business expert, and TV icon featured Block.one on his show earlier this year, warning his audience and everyone watching that cryptocurrencies and their on-going craze can be unreliable given their nature and listed many of the problems associated with digital currency investments.

As he explained, verifying the validity of a company and pointed towards Block.one and it's massive amassed funds which accumulated to more than $1.5B since its beginning. Among the risks he mentioned Brock Pierce, one of the initial investors in Bitcoin, and his poor performance as well as the incredible funding the company was receiving. One publication even stated that the company had no plans on selling any of its own software.

EOS, valued at more than $7B in total, is now considered to be the fifth biggest cryptocurrency on the market. Despite recently down trending performances by many cryptocurrencies, EOS has dropped a small number, going down 8 percent this year.

2 years ago

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