Block.one invested $10bn in launching its own Bitcoin exchange

The EOS project developer Block.one will launch the cryptocurrency exchange Bullish in 2021. The operator of the platform will be its subsidiary Bullish Global, which has raised more than $10bn in capital.

1/ https://t.co/LgcclYBd6L and prominent investors launch Bullish Global with $10B in funding, and announce the 2021 launch of new cryptocurrency exchange, Bullish. https://t.co/1WPcIJryZD

— block.one (@block_one_) May 11, 2021

According to the press release, the platform will run on the EOSIO protocol. Bullish will combine elements of centralized and decentralized exchange architectures.

In addition to trading features, the exchange will grant users access to lending markets and provide portfolio management tools.

Bullish Global is an independent company. Block.one invested $100 million in the subsidiary in fiat currencies, 164,000 BTC and 20 million EOS.

The company also raised $300 million from strategic investors. Among them were Thiel Capital and Founders Fund of Peter Thiel, Galaxy Digital, Nomura, British billionaire Alan Howard and others.

In the wake of news about the Bullish launch, EOS price rose 22% in 24 hours to $11.33. The asset climbed to the 20th position on CoinMarketCap‘s ranking, with a market capitalization of $11.27 billion.

As reported in January 2021, Block.one held 140,000 BTC on its balance. Their value at the time was estimated at $5.2 billion — more than twice EOS’s market capitalization.

Earlier the founder Dan Larimer left the company. The developer said he would focus on “tools that will enable people to defend their freedoms.”

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