“Bullish” exchange backed by PayPal co-founder is set to launch for institutional investors.
The cryptocurrency exchange backed by Peter Thiel and Richard Li began operating for a batch of institutional investors on Tuesday. The start for institutional investors is only the first step before the full launch for private investors and traders.
The Bullish Exchange will offer Bitcoin, Ether and EOS tokens for trading against USD coins. With further development and expansion in the future, the exchange will broaden its digital assets offering for both institutional and retail investors.
Among the exchange’s first clients are firms like Virtu Financial (non-U.S. affiliate) and Hong Kong-based crypto finance firm Amber Group. The first company is an electronic market-making firm that is based in New York.
The new exchange, which is also backed by hedge fund managers Alan Howard and Louis Bacon, was established earlier in 2021. The exchange has numerous distinctive features that come from the world of decentralized finance, including automated market making, lending tools and portfolio management mechanisms that will help traders to properly handle their funds.
The chairman of Bullish exchange presented his product like a tool designed for investors who are looking for secure and efficient exposure to the digital assets market on a platform that will ensure funds safety from both the technical and legal sides.
The exchange will initially use its own assets to add more liquidity to pools that would be used by automated lending and market-making mechanisms. The backend of Bullish exchange is powered by EOSIO—open-source blockchain software developed by Block.one.
Plans for the future
Bullish exchange is planning to further broaden its offering by going public on the New York Stock Exchange by merging with SPAC company Far Peak Acquisition Crop. The transaction between the two companies will set the exchange’s value at approximately $9 billion.