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EOSIO Parent Company Block.One Announces Bullish Exchange Launch with $10B Funding

UTC by Bhushan Akolkar · 2 min read
EOSIO Parent Company Block.One Announces Bullish Exchange Launch with $10B Funding
Photo: Block.one / Facebook

The new Bullish exchange from Block.one will combine the best of decentralized Finance (DeFi) and traditional exchanges. It will have special features like performance, user privacy, and compliance with the traditional platforms.

On Tuesday, May 11, EOSIO parent firm Block.one announced a $10 billion funding for its new Bullish exchange launch in 2021. Along with Block.one some of the billionaire investors like Alan Howard, Peter Thiel, Louis Bacon, and Mike Novogratz contributed to the funding.

The announcement involves the launch of a new subsidiary Bullish Global, operating under Block.one. Thus, Bullish Global will focus on the planned release of its new blockchain-based crypto exchange Bullish. Also, the seed funding for Bullish Global comprises 164,000 Bitcoins valued at around $9.7 billion. Additionally, it involves 20 million EOS tokens along with $100 million in cash. Block.one said that a funding round helped to raise another $300 million.

The Bullish crypto exchange aims to combine the benefits of decentralized finance (DeFi) and traditional bourses. It will have key factors like performance, user privacy, and compliance along with the benefits of DeFi market architecture. The Bullish exchange will also have automated market-making (AMM), lending, and portfolio management tools. In the press release, Block.one CEO Brendan Blumer said:

“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”.

Bullish Exchange: Leveraging the EOSIO Blockchain Architecture

The Bullish platform aims to incorporate higher security and investor protection for its platform. For this, it will leverage EOSIO and the EOS public blockchain for producing a “cryptographically validated, provable, and immutable audit trail” of all transactions processed by the exchange.

This will make Bullish the first exchange to have externally verifiable state integrity along with high-performance trading. Peter Thiel will also serve as a senior advisor to the functioning of the Bullish exchange. Adding further, Thiel stated:

“Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey”.

Following the announcement, the EOS price has shot above 40% starting. At press time, EOS is trading at a price of $13.25 with a market cap of $12.6 billion. This puts EOS’s year-to-date gains at over 400%.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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