Blockchain-focused investment firm Cryptology Asset Group has invested $49m in Block.One, a US-based blockchain software developer backed by cryptocurrency mining technology provider Bitmain.
Founded in 2016, Block.One has developed Eos.io, an open-source software platform for building blockchain infrastructure. It recently formed a subsidiary called Bullish Global, which will focus on the launch of a new cryptocurrency exchange in 2021.
Bullish Global was established last month with $10bn of funding comprised of cash and digital assets supplied by Block.One and $300m from investors including Nomura, Galaxy Digital, Thiel Capital and Founders Fund as well as private investors Alan Howard, Louis Bacon, Richard Li and Christian Angermayer.
Block.one raised an undisclosed amount in a July 2018 round co-led by Bitmain and Peter Thiel and backed by fellow private investors Louis Bacon and Alan Howard. It had already secured $4.1bn through an initial coin offering in May that year.
Cryptology Asset Group was already a Block.One shareholder and now owns approximately 4.9% of its shares. Its other investors include Fenbushi Capital and Blockchain Capital.