Billionaire-backed crypto start-up pays out 6,567% return

 Published Date: May 25, 2019
Brendan Blumer is now a billionaire because of the Cryptocurrency market

Brendan Blumer, the chief executive of Block.one, was named by Forbes as one of “the richest people in cryptocurrency” in February last year. Photo: picture alliance / Gandalf Hammerbacher

Billionaire moneymen Peter Thiel, Alan Howard and Louis Bacon have seen plenty of big paydays — but probably none as unusual as this one.

A buyback by Block.one, a cryptocurrency startup, will return as much as 6,567 per cent to its earliest investors — in less than three years. That translates into $6.6 million (Dh24.2m) for a $100,000 stake, a stunning result any time but especially in a market that crashed in 2018.

“Block.one is very much the odd one out in the crypto market,” said Tom Shaughnessy, co-founder of Delphi Digital, a crypto research firm in New York.

Read the entire story at Cryptocurrency Startup Creates Billionaire

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