By Emily Price
December 18, 2017

After Bitcoin’s record month in December, there’s a new cryptocurrency making headlines. Startup block.one is selling EOS, a “digital token” that it claims has “no purpose.”

While it doesn’t have a purpose, it does have a ton of cash. The company has raised around $700 million in sales of the token, with more purchases coming in each day. Block.one’s market value is currently around $4.5 billion.

The Wall Street Journal notes that block.one’s high value illustrates both the promise and concerns of the opaque marketplace.

Investors are clamoring to buy anything related to virtual currencies, which is causing the values of those currencies to rise. EOS is very upfront about its currency having no real use, but that isn’t stopping people from investing and expecting the cryptocurrency to rise in value.

The software code for EOS is posted publicly and Block.one is planning a full rollout next June, something one Bitcoin investor told the Journal would be “like Windows launching, but much bigger.”

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