Blockchain software firm Block.one has announced plans to launch a cryptocurrency exchange subsidiary.
According to a release published on Tuesday, the platform dubbed “Bullish Global” will run on the EOS blockchain.
As part of the announcement, the EOSIO developer revealed that it had raised capital to the tune of $10 billion for the crypto exchange. This sum includes $300 million in investor funding from the likes of Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon.
The remaining capital sum reportedly came from Block.one’s crypto holdings including 164,000 Bitcoin (BTC) — worth about $9 billion at the current market value — and 20 million EOS. The EOSIO developer also reportedly came up with another $100 million cash injection for Bullish Global.
Back in January, Cointelegraph reported that Block.one’s Bitcoin holdings stood at about 140,000 BTC. Commenting on the planned crypto exchange, Block.one CEO Brendan Blumer said:
“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.”
The company revealed that Bullish Global will combine features of centralized and decentralized crypto exchange architecture and operations. Block.one also stated that the planned exchange will function as an independent entity.
Apart from offering automated market-making services, the Bullish exchange will also provide lending markets as well as portfolio management tools for users.
Also commenting on the announcement, Galaxy Digital’s Mike Novogratz predicted that Bullish Capital will hit the ground running based on its sheer size and scale.