The Bullish cryptocurrency exchange has begun operations for a limited group of institutional investors. A full launch with access for retail clients is planned at a later date.
The platform is operated by the subsidiary of Block.one, the company behind the EOS project. Into Bullish Global’s capital, the firm invested $10 billion.
An additional $300 million in funding came from strategic investors, including Thiel Capital and Founders Fund of Peter Thiel, Galaxy Digital, Nomura, billionaire Alan Howard, and others.
According to Forbes, initially the platform offered support for Bitcoin, Ethereum, EOS, and the USD Coin (USDC) stablecoin. The exchange announced plans to expand asset listings in the future.
To create markets, the exchange allocated $3 billion of its assets to liquidity pools.
Among Bullish’s first clients are Virtu Financial’s overseas arm, a New York-based firm, and the Hong Kong cryptocurrency company Amber Group.
The platform’s infrastructure is built on Block.one’s open-source EOSIO software.
Earlier, Bullish Global received a licence to provide distributed ledger technology (DLT) services from the Gibraltar Financial Services Commission.
Bullish plans to become a public company via a SPAC Far Peak Acquisition. The value of the combined entity was estimated at around $9 billion.
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