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

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

Do you like our articles? What do you want to see or read about the wealthy?