PayPal Co-Founder-Backed ‘Bullish’ Exchange To Be Launched 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 to be exchanged for USD coins. With future development and expansion, the exchange will expand its offering of digital assets for institutional and retail investors.
Exchange founders
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 many distinctive features from the world of decentralized finance, including automated market making, loan tools and portfolio management mechanisms. this will help traders to properly manage 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 the pools that would be used by automated lending and market making mechanisms. The Bullish Exchange backend is powered by EOSIO, an 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.
