Cayman Islands-based cryptocurrency start-up is on course to raise around $4.2bn for blockchain project EOS through an initial coin offering (ICO), which is slated to be completed in June this year, reported the Wall Street Journal.

The firm has not clearly divulged how the funds will be used. However, it already committed significant resources to venture capital funds to assist the development of the projects that will leverage the EOS platform.

The EOS software is expected to be released early next month.

The EOS ICO, which began on 26 June 2017, is deemed to the largest token sale ICO in history. During an initial five-day crowdsale, raised $185m.

The next highest fundraising through ICO was by messaging app Telegram. The firm raised around $1.7bn in a private sale, which involved participation of less than 200 investors. The company also planned to carry out a public sale, but scrapped the plan due to regulatory uncertainties of the ICO industry.