IOST Price Surges Since Obtaining $200 Million Investment From Chinese Blockchain Fund BlockGroup
IOST prices have surged after a Chinese blockchain fund announced that it will be providing assistance and fundings to the blockchain project.
The investment firm, that has $200 million under management, announced on April 1st that they will be investing in IOST.
IOST Receives Investment from Chinese Fund
BlockGroup, a company that seems to have $200 million under management, informed that they are interested in IOST. Kevin Hsu, the founding partner of the company, explained that they had been impressed by the performance of the project.
According to the firm, this is their second investment. In the past, they’ve announced an investment in another company located in Singapore. This company aims at developing blockchain solutions for enterprises.
The second project BlockGroup (@blockvcfund 's parent company) M&A crypto $200M fund invested in is @IOStoken @jimmyzhong_iost. Kevin Hsu, Partner at BlockGroup, said that IOST is an ultra-fast, decentralized blockchain project, achieving both security and scalability. pic.twitter.com/LIP9ygbl87
— BlockVC (@blockvcfund) April 1, 2019
During a conversation with Crypto Briefing, a spokesperson of BlockGroup explained that IOST, the fourth largest public blockchain with more than 90,000 accounts, the project has been underestimated for much of the bear market. The cryptocurrencies crypto bear market has been in full effect since January 2018, but the tides are turning.
BlockGroup has also invested in the project and it brought IOST tokens to the market. Moreover, the fund will also be sharing its expertise to help IOST developers manage assets and built an ecosystem.
IOST has already implemented sharding in order to separate nodes into smaller consensus groups. This would allow them to handle more dApp transactions and also higher speeds. The founder of IOST, Jimmy Zhong, said that they will help the blockchain become widely available to businesses and also consumers.
The firm has received $50 million in funding from startup incubator Bluehill. At the same time, they have also partnered with other firms, including Huobi or CoinGecko to build and develop the IOST ecosystem.
At the time of writing this article IOST is the 51st largest digital asset in the space. It has a market capitalization of $151 million and each IOST token can be purchased for $0.012544.