Block.one to Launch Crypto Exchange in 2021
- Bullish Global has already been capitalized with over $10 billion in cash and cryptocurrencies.
- The exchange is expected to launch in 2021, combining the best features from CeFi and DeFi.
Shutterstock
In a press release published on 11 May, Block.one, the company behind the EOS blockchain, announced the launch of Bullish Global. The company will operate as an independent entity under Block.one and focus on releasing the Bullish exchange in 2021.
The exchange will offer automated market-making (AMM), lending, and portfolio management tools to its users. According to the company’s announcement, this will deliver functionality that had previously been monopolised by incumbent players in traditional finance. Bullish will utilise the EOSIO software and the EOS Public Blockchain.
Bullish Global has already been capitalised with over $10 billion in cash and digital assets. Following an initial investment of $100 million, 164,000 BTC, and 20 million EOS from Block.one, the company completed an additional $300 million strategic investment round.
The investors leading the capital raise were Peter Thiel’s Thiel Capital and Founders Fund, Galaxy Digital, and global investment bank Nomura. In addition to participating in the latest funding round for Bullish Global, Peter Thiel, Alan Howard, Richard Li, and Christian Angermayer will serve as senior advisors to the company.
“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,” predicted Mike Novogratz, the CEO of Galaxy Digital.
- The EOS Network Foundation is calling on the EOS community to opt-out from the proposed settlement as it “does not adequately compensate” for the losses caused by Block.one.
- Not only are the $22 million a tiny fraction of the $4 billion raised during the EOS ICO, but the settlement will also bar community members for filing future complaints against the company.
Image of an EOS crypto token. Bybit / Flickr
- The 7-week private pilot program will offer a select group of retail and institutional investors the opportunity to use Bullish.
- The exchange will feature a unique Hybrid Order Book, yield-earning Liquidity Pools, and top-notch security.
- SoftBank’s unit SB Northstar LP will acquire 7.5 million Bullish shares at $10 each.
- The unit will also buy 3 million warrants to purchase shares of Far Peak, the SPAC set to take Bullish public.