Block.one secures funding for $10B EOS-based crypto exchange platform

Block.one secures funding for $10B EOS-based crypto exchange platform

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.

Our top trading bots

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, Novogratz predicted that Bullish Capital will hit the ground running based on its sheer size and scale.

Continue reading on Cointelegraph
South Korea’s small crypto exchanges face increasing regulatory heat
Authorities in South Korea are continuing to propose and enact measures aimed at maintaining strict oversight over the nation’s crypto exchange market....
Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls
Bitcoin (BTC) price saw a bullish turn of events on June 13 as the price broke out to $39,252 but many analysts are still on the fence when it comes to...
Bitcoin Falls 11% In Selloff
Investing.com - Bitcoin was trading at $50,673.0 by 19:54 (23:54 GMT) on the Investing.com Index on Wednesday, down 10.62% on the day. It was the largest...
Biggest one day USDC print in history marks lowest Bitcoin dominance in years
More USD Coin (USDC) was printed on April 30 than at any time in the dollar-backed stablecoin’s existence, as just over $3 billion was minted in one fell...
Amid developer drought, teams turning to hackathons to find talent
Amid a bull market for decentralized finance (DeFi) that has teams developing new products at a breakneck pace, the demand for smart contract developers...
Filecoin Foundation donates $10M in FIL tokens to Internet Archive
The Internet Archive, an American nonprofit behind major digital archive Wayback Machine, has received a $10 million cryptocurrency donation from the Filecoin...
Stablecoin reserves on crypto exchanges hit new historic high of $10B
Stablecoins like Tether (USDT) and USD Coin (USDC) have hit another milestone in terms of accumulation by exchanges.According to market data provider CryptoQuant,...
Theta Network's token enters top 10 cryptos by market capitalization
THETA, the native token of the Theta Network — a decentralized blockchain-based video delivery network — has entered the top 10 cryptocurrencies by market...
Fresh wave of interest pushes Cardano near all-time highs
Cardano (ADA) made a run at its all-time price high on March 18, following renewed retail interest in the asset. It ultimately hit a price of $1.47 on Thursday,...
Ripple Donated $29 mln to a Non-Profit As its Founder Dared to Ask
DonorsChoose.org is a nonprofit organization, established around 20 years ago to help educators collect funds for teaching projects. And, as it is known,...
Facebook Data Scandal Can Help Blockchain To Thrive, Analyst Says
As Facebook is trying to recover for the massive disgrace, related to what is believed to be one of the enormous tech giant’s data breaches, blockchain...
The "CryptoKitties" was replaced by "CryptoCelebrities"
At the end of last year, we told you about the game CryptoKitties, in which you can buy and sell virtual kittens. Recently it became known about another...
HitBTC Implies Adamant Fees on Bitcoin Deposits
Clients of the Europe-based cryptocurrency exchange HitBTC, which was launched back in 2014, should brace for fees. On December 22, the company announced...
Bitcoin vs. Altcoins: Why to Consider Various Options for Investment
It is somewhat difficult to imagine how a middle-class person can purchase one bitcoin, at a price of around $15,000, at a time. No wonder that lots of...
Altcoin to Invest: NEM
As soon as NEM appeared on the market, it immediately aroused great interest among miners and investors. The basis of this digital currency lays in the...