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

Source: eoshackathon.io

A new major player might join the vibrant industry of crypto exchanges, as Block.one, the developer of EOSIO, an open-sourced blockchain software, said it aims to launch Bullish, a new crypto exchange that has secured USD 10bn in funding, this year.

Block.one said it has injected USD 100m, BTC 164,000, and EOS 20m into its new subsidiary, Bullish Global, 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 Digital’s 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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Reactions:

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(Updated at 13:33 UTC with reactions and new details about the exchange. Updated at 16:49 UTC to clarify that Block.one is the developer of EOSIO, and the name of the new exchange is Bullish.)


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