Blockchain software firm Block.one has unveiled plans to launch a crypto exchange subsidiary. Based on a release published on May 11, 2021, the platform, known as “Bullish Global,” will be powered by the EOS blockchain. It is expected to go live later in the year.
As part of the announcement, the EOSIO developer said that it had acquired capital estimated to reach $10 for the cryptocurrency exchange. That amount includes $300 million in investor funding from people like Peter Thiel and Mike Novogratz, and hedge fund managers Louis Bacon and Alan Howard.
The remaining capital sum allegedly came from Block.one’s crypto holdings, which includes 164,000 Bitcoin (BTC) worth around $9 billion at the current market value. Also, the funds include 20 million EOS. The EOSIO developer allegedly came up with an additional $100 million cash injection for Bullish Global.
In January 2021, reports emerged that Block.one’s Bitcoin holdings stood at around 140,000 bitcoins. Block.one CEO Brendan Blumer, while commenting on the planned cryptocurrency exchange, stated:
“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.”
The firm revealed that Bullish Global will combine features of decentralized and centralized crypto exchange architecture and operations. Block.one also said that the planned exchange will operate as an independent entity.
Besides offering automated market-making services, the Bullish crypto exchange will also give lending markets and portfolio management tools for users. While commenting on the announcement, Novogratz projected that Bullish Capital will hit the ground running taking into context its sheer scale and size.