Crypto Exchange backed by Peter Thiel and Richard Li goes live for institutional clients

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Brendan Blumer of Block.one speaks at the Digital Life Design (DLD) conference in Munich, Germany, … [+] January 21, 2018.

Matthias Balk Alliance / photo via Getty Images

Bullish, a blockchain-based cryptocurrency exchange, officially began operating on Tuesday for a first group of institutional investors, marking a milestone that paves the way for a full launch with retail investors at a later date.

At the time of launch, the bullish exchange’s offering consisted of bitcoin, ether, EOS tokens, and USD coins. The exchange said it will expand the digital assets it can offer in the future.

Among the first clients to operate on the bull exchange are a non-U.S. Subsidiary of Virtu Financial, the New York-based electronic market-making firm, and Hong Kong-based crypto-finance firm Amber Group.

Bullish was formed earlier this year as a subsidiary of Block.one, a blockchain software company backed by a group of renowned investors including PayPal co-founder Peter Thiel, hedge fund managers Alan Howard and Louis Bacon, and Hong Kong mogul Richard Li. Ultimately, Bullish will provide its users with automated market making, lending and portfolio management tools.

Brendan Blumer, President of Bullish, highlighted the exchange’s infrastructure which is “designed to meet the needs of investors who seek secure exposure to digital assets on a regulated platform, and with innovative liquidity management options and portfolio from a brand new stock exchange. architecture.”

Bullish initially makes $ 3 billion of its assets available to its liquidity pools, which facilitate automated lending and market making functions. The exchange will integrate Block.one’s open source blockchain software called EOSIO.

Bullish is expected to go public on the New York Stock Exchange through a merger with special purpose acquisition company Far Peak Acquisition Corp. in a deal that will value the combined company at around $ 9 billion.

Once the merger is complete, Blumer will become chairman of the combined entity and Far Peak CEO Thomas W. Farley, former chairman of the New York Stock Exchange, will become Bullish CEO. The deal is expected to be finalized by the end of 2021 or in the first quarter of 2022.

Bullish obtained a Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) earlier this year.

“As the first jurisdiction in the world to enact specially designed legislation in support of DLT, we believe that Gibraltar is emerging as a leading blockchain and virtual asset hub, and that it can provide a environment for cryptocurrency-focused businesses, ”Blumer said at the press conference. time.

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