Block.one’s initial coin offering is on track to raise more than $4 billion, The Wall Street Journal reports. That would make it the largest ICO ever and would eclipse all but one or two of the world’s initial public offerings this year.
The company has been conducting a yearlong sale of its EOS tokens that is expected to conclude this coming Friday.
Block.one’s plans for spending the ICO proceeds aren’t entirely clear, according to the newspaper. It plans to build a platform for hosting web applications but doesn’t intend to develop the software after releasing it. Instead, it is expecting others will do that and has said it will invest more than $1 billion in companies building on EOS. It hasn’t disclosed what it will do with the remaining funds, however. Read more here.