Block.One Raises $4 Billion, Closes Biggest ICO To-Date
Cayman Islands startup Block.One – parent company behind the EOS blockchain – has concluded the biggest initial coin offering to-date, raising over $4 billion as of Thursday.
In May of 2017, Block.One began raising money via an initial coin offering (ICO) for its smart contract blockchain and cryptocurrency, EOS. The ICO concluded in May of 2018.
EOS has big shoes to fill, claiming to release a third-generation blockchain with enterprise-level scalability. “They have set the bar very high for themselves in terms of delivery expectations,” William Mougayar, author of “The Business Blockchain,” told CNBC.
Headed by Block.One chief technology officer Dan Larimer – one of the more well-known and successful blockchain developers in the space – EOS aims to expand on issues faced by the leading smart contract platform, Ethereum, such as scalability and efficiency.
Initial coin offerings raised $6.6 billion in 2017 and has already surpassed $9.1 billion in 2018. Other major token sales include messaging app Telegram, which raised $1.7 billion through a private sale for development of the Telegram blockchain. Telegram originally aimed launch a public sale after their private sale; however, Telegram later canceled the public sale following a flood of private investments.