Block.one, the software company backing EOSIO’s open-source software, announced a milestone the company has achieved with the launch of its new group, Bullish Global, which will be operating as an independent entity under its parent company, Block.one.
The new group Bullish Global was formed as a result of the new blockchain-based cryptocurrency exchange, Bullish, that would be released later this year. As of last year, Block.one had a total bitcoin holding of more than 140,000 BTC.
The capital raise for the project included over US$10 billion in cash and digital assets followed by Block.one’s contribution of US$100 million, 164,000 BTC, and 20 million EOS, and an additional US$300 million strategic investment round.
The project was funded by Block.one and several other popular investors like Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and global investment bank Nomura.
Peter Thiel, Alan Howard, Richard Li, and Christian Angermayer will be appointed as senior advisors to the company.
The purpose of the new crypto exchange is to create a bridge between the mode of formation of the central order book technology and the benefits that decentralized finance (DeFi) market architecture offers.
According to the announcement, one of the peculiar features of the incoming exchange will be its use of the EOSIO and the EOS Public Blockchain to keep track of all transactions processed on the Bullish platform, becoming the first to “bring externally verifiable state integrity to a high-performance trading and asset management platform.”
The exchange will also widen the options of digital assets available to its clients by providing new automated market making, lending, and portfolio management, features not common in traditional finance.
The investors involved in the project expressed their views and pleasure at the creation of the new group. One of them, Novogratz, mentioned,
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. I’m excited to be on the journey with this team.
Block.one CEO, Brendan Blumer also added,
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.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!