Block.one has kept low this bull season. In the latest development for the ecosystem, however, the crypto-assets-focused investment company, Cryptology Asset Group announced the purchase of an additional $30 million worth of Block.one shares in a private transaction.
This is not the first time the Malta-based company, co-founded by Mike Novogratz, has infused significant capital into the EOS builder. The latest purchase is the third of its kind, which has been made in the past three weeks. With this, Cryptology aims to become one of Europe’s most active investors in the crypto and blockchain industry.
Following the latest development Patrick Lowry, Cryptology’s CEO commented,
“Block.one is one of the preeminent players in the entire crypto industry and I am elated to be expanding Cryptology’s exposure to one of our flagship portfolio companies. I look forward to the unveiling of projects they have been developing in stealth in the near future and further expanding Cryptology’s collaborative relationship with Brendan and the Block.one team.”
According to the official press release, Cryptology does not only has significant exposure to Block.one on its own balance sheet, but it also manages further stakes in EOS’s parent company on behalf of several institutional investors with additional upside participation for Cryptology. In addition, the upside participation, n question, sums up to nearly 0.5% additional stake in Block.one.
Previous Block.one Developments
The company behind the multibillion-dollar-backed EOS ecosystem had previously managed to secure a record-breaking $4 billion to fund the development of the underlying software. In Feb, The firm had reportedly joined forces with LACChain, which happens to be an Inter-American Development Bank–backed initiative, to promote blockchain technology across Latin America and the Caribbean. Notably, this initiative has 40 partners in 12 countries in the region.
As part of this, the company announced signing a memorandum of understanding [MoU] to join the LACChain Global Alliance.
Just last week, EOS Creator and blockchain developer, Dan Larimer unveiled his fourth project called Clarion. Much like his previous initiatives, his latest open source software if also focused on decentralized networking, essentially allowing people to communicate without the need of trusted third parties.