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Peter Thiel Makes a Big Bet on a Crypto Start-up Company

Peter Thiel, a legendary tech investor who co-founded PayPal and invested in Facebook early on, has made a new bet.

This time it’s on a crypto start-up company called Block.one (OTC:BKPPF).

It was revealed recently that he was an investor of the Cayman Islands start-up Block.one’s most recent funding round.

The company’s press release read, “Thiel is considered to be one of the most innovative entrepreneurs and investors in the world. In 1998, he founded PayPal, leading it as CEO and later taking the company public in 2002. He was one of the first outside investors in Facebook and is currently on its board of directors. As an investor, he has been involved in some of the highest-profile and most successful technology companies such as Airbnb, LinkedIn and Yelp.”

Block.one (OTC:BKPPF) raised a record $4 billion in 2018 to fund its blockchain platform called EOSIO through an ICO.

The funding outdoes the world’s biggest IPO offerings on stock exchanges this year.

“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,” Block.one CEO Brendan Blumer stated.

Blumer also said, “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.”

Another participant in the funding round was also Bitmain, a Chinese start-up company that leads in the bitcoin “mining” industry.

“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,” remarked Jihan Wu of Bitmain.

Bitcoin had a big year last year, hitting as high as $20,000 back in December. Since then the digital currency has struggling and has even fallen over 50%.

Back in March, Thiel had said he was long on bitcoin and had noted how the cryptocurrency could become a gold type safe-haven investment.

Block.one (OTC:BKPPF) was also featured back in a March episode of HBO’s “Last Week Tonight.” Host John Oliver warned viewers about the “speculative mania” and risks of investing in cryptocurrency.

“It can be incredibly hard to tell which companies are for real,” Oliver said. “If you want a good example of this, look at Block.one, which has raised $1.5 billion.”

Block.one (OTC:BKPPF) had reported profits in the range of $3 billion to $4 billion last year. It recently closed a Series B funding round of $400 million, giving it a valuation of $12 billion.

The company holds 10 percent of the total supply of EOS tokens, which is 100 million units.

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