Investors Bet $4 Billion on a Cryptocurrency Startup

A start-up company based in the Cayman Islands is on track to raise more than $4 billion through a yearlong sale of digital tokens—the largest fundraising of its kind.

What buyers of the tokens still don’t know: how the company, block.one, will use the bulk of the windfall from its so-called initial coin offering.

If the company ends up raising…

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