Brendan Blumer, CEO of Block.one, which developed the EOSIO blockchain platform and EOS (EOS) coin, has bought a stake in Silvergate Capital, the holding firm for Silvergate Financial institution, a crypto-fiat gateway community designed for monetary establishments, in response to an SEC submitting. That doc, dated Nov. 23, listed Nov. 16 because the date of the transaction.
The acquisition of practically 3 million shares represents 9.27% of Silvergate inventory. Blumer bought 571,351 shares personally, and Block.one bought 2,363,186. In line with CNN, this deal will make them Silvergate’s largest shareholder.
@BrendanBlumer founding father of EOS buys 9.27% of Silvergate Capital $SI + his firm https://t.co/tZqWL2yAx6 buys 7.64%https://t.co/Wh64Odn9Nr
— yeezus (@yeezuscapital) November 23, 2022
Block.one raised a record-breaking $4 billion in its preliminary coin providing (ICO) for EOS in 2017-2018. Later, the USA Securities and Change Fee (SEC) charged Block.one with not registering its ICO. Block.one settled with the SEC for $24 million. Block.one was additionally the article of sophistication motion fits by EOS traders over money-raising points and, later, the coin’s market efficiency. The EOS Community Basis introduced plans to sue Block.one for $4.1 billion in February. The community grew to become absolutely decentralized in September.
Block.one additionally based the Bullish crypto trade.
Associated: Contained in the blockchain builders’ thoughts: Can EOS ship a killer social DApp?
Silvergate noticed combined Q3 outcomes this yr, with crypto-to-fiat transfers falling by $50 billion year-on-year, though income rose 84% to $43.33 billion in the identical interval. The financial institution had partnered with Fb (now Meta) to subject the Diem stablecoin. Then the mission was bought to Silvergate, which mentioned it might combine it into its Silvergate Change Community. Silvergate supposed to subject a stablecoin this yr, however introduced a delay within the launch in October, reportedly due to distribution issues.
Meta staff and others who had labored in Diem went on to create the Aptos community. Silvergate has additionally partnered with Crypto.com.
Block.one didn’t response to a Cointelegraph enquiry by the point of publication.
