Block.one just raised a $4 billion ICO

Cayman Island-based crypto company Block.one has raised $4 billion via its ICO, which sold a proprietary token, dubbed EOS. This marks the largest ICO to date, and makes EOS the fifth most valuable cryptocurrency. Interestingly, while Block.one has definitely attracted many investors, it did not have live product during the time it collected investments, meaning it raised this capital on investor confidence alone. Block.one launched its software over the weekend. The sky-high valuation is largely down to some investors’ assumptions that Block.one will offer a decentralized alternative to current cloud-hosting services, while others think it will be an improved version of Ethereum. However, Block.one hasn’t benefited from entirely smooth sailing — the company’s email system was breached last weekend.

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