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Block.one Secures USD 10B To Compete With Coinbase, Binance & Co

Block.one Secures USD 10B To Compete With Coinbase, Binance & Co

 

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 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 Digitals 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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