Bitcoin

FinLab AG Manages Block.one’s Fund for EOS Software

FinLab AG Manages Block.one’s Fund for EOS Software

SAN FRANCISCO, Calif. – Block.one and FinLab AG, which is a fintech incubator company in Germany, agreed to team up for a project development joint venture that makes use of the EOS software.

The collaboration featured a $100 mln for the completion of the project. FinLab AG’s partner, Block.one, is a Cayman Island-registered company that currently runs the EOS.IE platform. The deal is that FinLab will contribute by enhancing the distribution of the said platform.

Even though there is already a $100 mln fund in preparation for the project, FinLab also promised to provide $1 bln additional funds, which it will provide through the help of other capitalist partners. Thus, the $100 mln sum is only a fraction of what the team plans to invest in this forthcoming project.

There is currently a high demand for the EOS software, primarily due to the fact that this platform is supported by Ethereum’s ERC20 tokens. Even though tokens are all the rage these days, the EOS platform appears to be unlike any other token offerings because Block.one merely writes the code and makes everything public upon completion.

Compared to other companies, Block.one does not try to develop the software that they have coded. On the contrary, it lets the third party entities decide what they want to do with it.

This denotes that EOS tokens do not have an intrinsic value. It is instigated in Block.one’s Purchase agreement that the tokens have no relationship with the actual EOS software. Nor does it have functionalities or purpose. Many investors continue to bid on the said tokens.

However, there are also corporations that are not showing interest in the next offering. Agentic Group founder Rik Willard said that he does not advise the use of EOS tokens because the platform has not been proven yet and that there is no guarantee that specific benefits will follow even if the company ends up doing well.

With the announcement of the Block.one and FinLab AG collaboration, it is said that a new release will take place in June. Prominent Bitcoin investor Brock Pierce said that he imagines the next coin offering to resemble the Windows launching, but much more intense.

About the author

Bradley Johnson

Bradley Johnson

Brad is a 32-year-old Entrepreneur and is passionate about Digital Marketing and Cryptocurrencies. He first started out as a content writer and then ventured into Internet Marketing. Bradley also works as a crypto investment advisor.

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