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Thiel-backed Block.one preps $10bn crypto exchange

Thiel-backed Block.one preps $10bn crypto exchange

Block.one, the blockchain software firm backed by Peter Thiel, is pumping $10 billion into a new cryptocurrency exchange subsidiary.

The new unit, Bullish Global, is planning to launch its blockchain-based crypto exchange this year, promising to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of DeFi market architecture.

The new venture has been capitalised with over $10 billion in cash and digital assets following an initial injection by Block.one of $100 million, 164,000 BTC, and 20 million EOS tokens, which power Block.one tokens.

Another $300 million has been raised in a funding round joined by Thiel and fellow Block.one investors Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura.

The exchange will offer automated market making, lending, and portfolio management tools to its users to deliver functionality that it says has previously been monopolised by incumbent players in traditional finance, while driving deeper liquidity to digital assets.

Bullish will utilise Block.one's EOSIO and the EOS Public Blockchain to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the platform.

Says Thiel: "Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey."

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