EOS protocol maker Block.one has received new backing from a number of big-name investors, including PayPal co-founder Peter Thiel.

In a fresh round of funding – the amount of which was not disclosed – Block.one, the company behind what has now become the fifth-most valuable cryptocurrency by market capitalization, has added Thiel, Bitmain and hedge fund billionaires Louis Bacon and Alan Howard to its list of investors.

CEO Brendan Blumer said the firm is "excited to welcome key strategic investors aligned with our values of creating a more secure and connected world."

"The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption," Wu said in a statement.

While it's not clear how the funds will enhance the roughly $4 billion raised over the course of a year-long token sale – EOS formally launched in June – it undoubtedly adds some institutional heft to Block.one's ranks. Some of the other investors in the company include Galaxy Digital's Mike Novogratz and the founder of Apeiron Investment Group, Christian Angermayer.

It's been a bumpy ride since launch, with the project encountering governance-related headwinds and criticisms around an arbitration mechanism that is aimed at resolving disputes between parties on the network.

Last week, CoinDesk reported that Block.one is now planning to play a more active role in the network than what was perhaps originally conceived.

Peter Thiel image via CreativeCommons