EOS Is Bitmain’s Second Major Investment In 2018
The world’s largest cryptocurrency company, Bitmain, valued at $12 billion and billionaire technology investor Peter Thiel have invested in Block.one, the development firm supporting EOS.
Jihan Wu, the co-founder and CEO of Bitmain, who is planning to conclude to $12 billion initial public offering (IPOC) this summer, noted in an official statement that the EOS protocol over the past year has shown significant development, with its main priority on establishing a scalable ecosystem for decentralized applications (dApps) and commercial decentralized platforms.
Wu, noted, “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.”
Brendan Blumer, the CEO of Block.one, which gathered enough profit during its one year $4 billion initial coin offering (ICO), stressed that the company is presently keen in working with strategic investors that are in line with the values and vision of the EOS team and community. Blumer said:
“As Block.one prepares to announce its future plans, we’re excited to welcome key strategic investors aligned with our values of creating a more secure and connected world.”
Bitmain became the largest company in the cryptocurrency industry in July, easily beating Coinbase, Binance, and Ripple Labs with a staggering $12 billion market valuation.
Since creating its investment arm in early 2018, Bitmain has transformed into a proper company, starting large-scale purchases and investments in the blockchain sector.
Earlier in May, Bitmain led a $110 million Series E round for Circle, a cryptocurrency exchange and wallet platform, to financially support the company’s long-term goals of sustaining private central banks, those that are independent of the government, through the development of a properly audited and transparent stablecoin.
“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We are excited to be working directly with Bitmain on realizing our shared vision,” Circle said at the time.
The investment of Bitmain into Block.one. is its second major multi-million dollar investment in the cryptocurrency sector in a space of three months, before to its planned IPO in the Hong Kong stock market.
In earlier statements, Wu and the Bitmain team showed their interest towards decentralized protocols and dApps, particularly platforms that are able to catch the attention an d serve millions of users with a network that can deal with large volumes of transactions and information.
The purchase of a stake in Block.one is in sync with Bitmain’s plan to increase throughout the cryptocurrency and blockchain sector, with its mining equipment producing business and investment arm as the company’s two main businesses.
