A blockchain start-up just raised $4 billion without a live product
A Cayman Islands start-up has raised $4 billion as of Thursday, eclipsing the world’s biggest initial public offerings on stock exchanges this year. But its flagship product is not even live yet.
Block.one is funding its blockchain platform called eos.ios through a process known as an initial coin offering, or ICO. Its multibillion-dollar fundraising effort more than doubles the next biggest offering of that type. But investors still don’t know how the majority of that capital will be used.