EOS’ Year-Long ICO Raises Roughly $700 Million USD So Far

EOS ICO has raised approximately $700 million USD, despite EOS’ FAQ page clearly stating that token-holders will not be afforded any rights or functions. The token sale currently comprises the largest ICO to date, with the company anticipating a launch in June 2018.

EOS is the brainchild of 31-year-old Hong Kong-based internet entrepreneur Brendan Blumer and programmer Dan Larimer. Mr. Larimer has garnered criticisms for working before abandoning both Bitshares and Steemit. A former colleague of Mr. Larimer, Charles Hoskinson, stated that Larimer “hasn’t finished a project yet.” . The chairman of the Bitcoin Foundation, Brock Pierce, serves as an adviser to EOS and is a minority partner in the company. Block.one is registered in the Cayman Islands, and comprises roughly 50 employees. Development for the project reportedly occurs through an open-source development platform. As such, the company does not have a central office.

At the end of October, Brock Pierce stated that EOS’s 345 day ICO had “almost” raised $700 million USD during a discussion at Launch Scale 2017. He added that the company is currently selling 2 million tokens daily.

The funds generated make the EOS ICO the largest ever. Coupled with accelerating bullish momentum during December, EOS has come to comprise the tenth largest cryptocurrency by market capitalization; boasting a total market cap of approximately $6.56 billion USD and 11,95USD per token as of this writing. Mr. Pierce recently expressed his expectation that the ICO will raise “at least a couple” of billion USD before EOS’ development will occur.

Despite the enormous sum raised, Block.one plans only to write the code for EOS before releasing such publicly. The company does not intend to develop the platform itself; which will be delegated to third parties “unrelated to Block.one.”. As such, EOS tokens will not afford its possessor “any rights uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS platform.”. Block.one also plans to use a portion of the capital raised to invest in companies seeking to operate using the EOS platform. Although how investors will benefit from said investments is not presently clear.