A new major player might join the vibrant industry of crypto exchanges, as EOS developer Block.one said it aims to launch a new crypto exchange, Bullish Global (BG), this year after they secured USD 10bn in funding.
BG is the new subsidiary of Block.one that has injected in the company USD 100m, BTC 164,000, and EOS 20m, while other strategic investors added another USD 300m. The backers include Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and global investment bank Nomura.
The new platform aims to offer new automated market making, lending, and portfolio management tools and “to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of decentralized finance (DeFi) market architecture.”
BG is said to utilize EOSIO and the EOS Public Blockchain to produce “a cryptographically validated, provable, and immutable audit trail of all transactions processed on the Bullish platform.”
EOS, ranked 19th by market capitalization, rallied following the news, jumping by more than 20% in half an hour. At 13:10 UTC it trades at USD 11.04 and is is up by 8% in a day, 59% in a week and 64% in a month.
“The Bullish exchange will leverage blockchain technology and a new market architecture to revolutionize the high-performance trading landscape by transparently automating expensive third-party functions and turning them into yield-generating portfolio management tools to offer institutions and individuals better and safer access to the latest cryptocurrency investment strategies,” Block.one CEO Brendan Blumer was quoted as saying in the press release.
According to Galaxy Digital’s Mike Novogratz, “Bullish’s sheer size and scale combined with Block.one’s experience in high-performance blockchain engineering will make Bullish a formidable player from day one.”
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Reactions:
@CryptoCobain 9 of the 10 billion is from their bitcoin stash tho, but still, they’re indeed great fundraisers.
this is what happens when you do an illegal ICO, get a slap on the wrist from the SEC, and end up a zombie company… https://t.co/tTsbLzJRfC
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Learn more:
– EOS Slumps, Holders Rage after Key Technical Boss Steps Down
– EOS Price Spikes Upwards After Block.one Settles with SEC
– Block.one’s Early Investors Might Receive 6,567% Return
– Crypto Exchanges to Spend 2021 Focusing on DeFi, UX, and New Services
– Coinbase Aims At New Markets, Reg Hurdles After Nasdaq Debut
– Prepare Your Crypto Startups as Binance is Shopping
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(Updated at 13:33 UTC with reactions and new details about the exchange.)
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