Block.one launches crypto exchange with $10 billion infusion -- what you need to know
Block.1 launches crypto substitution with $10 billion infusion -- what yous need to know
Block.one is launching a cryptocurrency commutation that will compete with the likes of Coinbase and Binance. The exchange will be known as Bullish. Investors include Peter Thiel, every bit well every bit several other billionaires such every bit Louis Bacon and Richard Li.
The exchange will be backed, according to Bloomberg, with around $10 billion using a mix of bitcoin (making up around 90% of the investment), cash and some of its own EOS tokens. Those tokens are the currency that Block.one subsidiary Eosio manages using its own Blockchain. The visitor claims there are more than than 400 apps connecting with and using its Blockchain to tape data.
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Peter Thiel said, "Bullish's balance sail is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I'm happy to join Bullish every bit an investor and advisor equally it gets started on a long and fruitful journey."
Bullish aims, according to the company'due south press release, to allow customers to manage their portfolio using automatic tools with a clear record of all transactions. That tracking comes as part and parcel of using a blockchain where every transaction is logged and available for anyone to see. This should excite traders as it removes the cost of expensive third-party functions.
Reading the press release and Block.one'south website is an exercise in absolute frustration. The site is filled with nonsense jargon that includes the doublespeak similar, "empowering people to builder integrity into our globe." This sort of acquit-on is a good reason people feel so confused past blockchain technology and cryptocurrency. Absolutely no endeavor appears to be made to actual explain, in English language, what this company actually does. Although, a currency substitution is a trivial more articulate. It's a place to trade various cryptocurrencies and in Bullish'southward example, make use of tools to automate some of that trading.
Block.one is, at its cadre, a software company that's looking for ways to employ blockchain to do things. Conspicuously, one of those things is a new trading platform and in that location's likewise a social network besides, chosen Voice.
Vocalization uses the EOS Blockchain to create a new kind of social media, ane costless of the demand to monetize content through advertizing. In a press release, Brendan Blumer, CEO of Cake.one, described it in blunt terms.
"The truth is, current social media platforms are designed to use their users. Just look at the business organization model. Our content. Our data. Our attention. These are all incredibly valuable things. Merely right now, it'southward the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the turn a profit, and flooding our feeds with hidden agendas dictated by the highest applicant. Voice changes that."
Cake.1 is renowned for existence 1 of the most explosive launches ever. The company went "public" non with a stock substitution listing and traditional IPO, but with an Initial Coin Offer, or ICO. It raised a staggering $4 billion through that ICO in 2018. Anyone who invested at the start and kept their EOS Tokens would have seen them increase in value past 50% when it announced the new exchange. It's currently worth around $12.19 per token, which is not the highest information technology'south been.
An interesting side note here is that the U.S. Securities and Commutation Commission received a $24 million settlement from Block.one after the company violated federal securities laws by running an unregistered ICO. Block.ane settled with the SEC with no access of guilt. Still, a settlement of $24 million is chicken feed when you've just conjured $4 billion out of sparse air.
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Source: https://www.tomsguide.com/news/blockone-launches-crypto-exchange-with-dollar10-billion-infusion-what-you-need-to-know
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