Block.One’s Year-Long ICO Takes ICO Record $4 Billion in EOS Sales – Face It, Telegram

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Start-up company Block.one is on track to raise $4 billion through a yearlong sale of digital tokens—the largest fundraising of its kind—even as investors still don’t know how the company will use the windfall, Wall Street Journal reports.

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ICO Record

Startup company Block.one, the developer of EOS and main competition to the Ethereum network, will finish its year-long coin offering tomorrow having raised $4 billion in investor funds.

After the token sale event closes, EOS will become by far the largest ICO in history, surpassing Telegram with its $1.7 billion. However, as the Wall Street Journal (WSJ) reports, the company has not provided any details of how the funds would be allocated.

The fact that this company could successfully build such a high amount of money for a little-known company demonstrates the high level of liquidity and interest there is in blockchain-based companies.

In the past twelve months or so starting from June 26, 2017, Block.one has sold about 900 million tokens via daily auctions. The company said it would build EOS to host web apps, but it does not intend to develop the technology after launching it. Moreover, the startup said it would not run any public network on top of EOS, promising to invest over $1 billion in companies interested to build on EOS.

The EOS ICO is far and away the most lucrative token sale, in part because its 355-day duration is also the longest of any major blockchain project. Block.one raised $185 million during an initial five-day crowdsale, and that figure is often used when ranking EOS against other ICOs. Nevertheless, the full EOS crowdsale has raised more than twice as much as any other project.

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Source: coinmarketcap

The reason for some of this investment hype is because blockchain-backed companies are able to issue white papers and concepts that promise to disrupt broad areas such as the internet.

Block.One is a company that fits very much into this category of investment; promising to completely decentralise things like the Internet or dramatically change the architecture of a known quantity.

It’s the hope that platforms like Block.One will be able to revolutionise areas like online payments. Cryptocurrencies like Ripple have demonstrated themselves to be fierce competitors with established payment systems like Paypal.

Despite worldwide regulation issues, ICOs continue to draw massive amounts of investor money since the meteoric rise of the cryptocurrency market in 2017. So far in 2018 ICO’s represent 7.15 billion USD invested not including the Block.one total according to The Wall Street Journal.


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Block.One’s Year-Long ICO Takes ICO Record $4 Billion in EOS Sales - Face It, Telegram
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Block.One’s Year-Long ICO Takes ICO Record $4 Billion in EOS Sales - Face It, Telegram
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Start-up company block.one is on track to raise $4 billion through a yearlong sale of digital tokens—the largest fundraising of its kind—even as investors still don’t know how the company will use the windfall, Wall Street Journal reports.
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