Brendan Blumer & EOS Parent Company Become Largest Shareholders In Silvergate Capital

The original developer of the EOSIO blockchain platform, Block.one has bought into Silvergate, which purchased Meta’s Diem stablecoin project.

Brendan Blumer, the CEO of Block.one, which developed the EOSIO blockchain platform and EOS coin, has bought a stake in Silvergate Capital, the holding company for Silvergate Bank, a digital asset-fiat gateway network designed for financial institutions, as per an SEC filing. The document, dated 23rd November, listed 16th November as the date of the transaction.

The purchase of around three million shares represents over nine percent of Silvergate stock. Blumer bought 571,351 shares personally, and Block.one bought 2,363,186 shares. As per CNN, the aforementioned deal will make them Silvergate’s largest shareholder.

Block.one raised a record-breaking four billion dollars in its ICO for EOS in 2017-2018. Later, the United States SEC charged Block.one with not registering its Initial Coin Offering. Interestingly, Block.one settled with the Securities and Exchange Commission for twenty four million dollars.

Notably, Block.one was also the object of class action suits by EOS investors over money-raising issues and, later, the cryptocurrency’s market performance. The EOS Network Foundation declared plans to sue Block.one for over four billion dollars in the month of February. The network became fully decentralized in the month of September.