Block.one, a blockchain software firm whose long-time backers conists of billionaires Peter Thiel, Alan Howard and Louis Bacon, is starting a crypto exchange that wants to merge attributes of traditional exchanges with the benefits of decentralized finance. Bullish, as the exchange will be known, is being capitalized by Block.one with about $10 billion in digital assets and cash. That seeding for Bullish Global includes 164,000 Bitcoins valued at around $9.7 billion, $100 million in cash and 20 million EOS tokens, which power Block.one transactions. A funding round raised another $300 million, Block.one said in a statement Tuesday.
The exchange wants to leverage existing blockchain technology with the decentralized architecture of DeFi that has grown in amicability for maximizing yield-generating strategies. The announcement follows Coinbase Global Inc.’s debut last month on the Nasdaq, which initially valued the largest U.S. crypto exchange at more than $100 billion.
It also seems to be a significant phase to rebuilding Block.one’s EOSIO technology, which has encoutered headwinds since it ran the world’s biggest ICO that reticular $4 billion in 2018. While some of the money has been used to make the EOSblockchain, much of it was simply invested in assets such as government bonds.
Furthermore, EOS has lately seen decreasing developer interest , according to a record from Electric Capital, a venture company that invests in crypto startups.
Other distinguished investors are taking part in the funding round include Hong Kong tycoon Richard Li, German promoter and investor Christian Angermayer, Michael Novogratz’s Galaxy Digital, and Nomura Holdings.
Bullish will offer institutional and retail investors market making, lending and portfolio chairman services without use of brokeres like banks.
“The exchange is reckoned to propose institutions and individuals better and safer availability to the latest cryptocurrency investment strategies,” Block.one Chief Executive Officer Brendan Blumer said.