Block.one to launch crypto exchange Bullish this year, with Richard Li as senior advisor

On May 11, Block.one, the development company behind the EOSIO open-source software, announced the launch of a newly formed subsidiary, Bullish Global. Operating as an independent entity under the Block.one parent company, Bullish Global will focus on launching Bullish in 2021, a new blockchain-based cryptocurrency exchange that aims to combine the performance, user privacy, and compliance provided by central order book technology with the vertically integrated user benefits of decentralized finance (DeFi) market architecture.

Bullish Exchange will provide its users with new automated market making (AMM), lending, and portfolio management tools to deliver capabilities previously monopolized by incumbent players in the traditional financial industry while driving deeper digital asset liquidity.

Bullish will leverage EOSIO and the EOS public blockchain to generate a cryptographically verified, provable, and unchangeable audit trail of all transactions processed on the Bullish platform. In doing so, it will be the first to introduce externally verifiable state integrity to a high-performance trading and asset management platform.

Bullish Global now has over $10 billion in cash and digital asset capital after an initial $100 million in cash, 164,000 BTC and 20 million EOS from Block.one, and an additional $300 million in strategic investment. Leading investors in the $300 million round include Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital Investments and global investment bank Nomura.

In addition to participating in Bullish Global’s latest funding round, Peter Thiel, Alan Howard, Richard Li and Christian Angermayer will serve as senior advisors to the company.

Block.one CEO Brendan Blumer said,

“The Bullish Exchange will leverage blockchain technology and new market architecture to revolutionize the high-performance trading landscape by transparently automating costly third-party functions and transforming them into yield-generating portfolio management tools, providing institutions and individuals with better and more secure access to the latest cryptocurrency investment strategies.”

Thiel said,

“Bullish’s balance sheet is strong and its vertical integration provides stability and liquidity to the cryptocurrency space. I am excited to join Bullish as an investor and advisor as it embarks on a long and fruitful journey.” “As we witness greater mainstream adoption of digital currencies, successfully bridging the gap between digital assets and institutional players will shape the future of the financial industry. I am excited to be part of Bullish’s mission to give users more value-added control over their financial future,” said Howard.

Louis Bacon commented: “The cryptocurrency market continues to benefit from institutional adoption and Bullish is well positioned to capitalise on blockchain-based market structures which will play an important role in further improving access to services for both institutional and retail investors.”

Li added:

“Bullish has built a strong team dedicated to bringing innovative and compliant solutions to market, and I am excited to join the Bullish consulting team to draw on my experience to drive global success.”

Novogratz mentioned:

“The scale of Bullish combined with Block.one’s experience in high-performance blockchain engineering will make Bullish a strong player from the outset. I’m excited to be working with this team moving forward.”

Jez Mohideen, Chief Digital Officer at Nomura’s Wholesale Division, added:

“We are excited to join Bullish as an investor and to work closely with them to further accelerate the institutionalization of the digital asset class.”