Block.one Secures USD 10B To Compete With Coinbase, Binance & Co

Competition EOS Exchange Galaxy Digital Investment Mike Novogratz
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Linas Kmieliauskas
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

A new major player might join the vibrant industry of crypto exchanges, as Block.one, the developer of EOSIO, an open-sourced blockchain software, said it aims to launch Bullish, a new crypto exchange that has secured USD 10bn in funding, this year.

Source: eoshackathon.io

Block.one said it has injected USD 100m, BTC 164,000, and EOS 20m into its new subsidiary, Bullish Global, while other strategic investors added another USD 300m. The backers include Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and global investment bank Nomura.

The new platform aims to offer new automated market making, lending, and portfolio management tools and “to combine the performance, user privacy, and compliance offered by central order book technology with the vertically integrated user benefits of decentralized finance (DeFi) market architecture.”

BG is said to utilize EOSIO and the EOS Public Blockchain to produce “a cryptographically validated, provable, and immutable audit trail of all transactions processed on the Bullish platform.”

EOS, ranked 19th by market capitalization, rallied following the news, jumping by more than 20% in half an hour. At 13:10 UTC it trades at USD 11.04 and is up by 8% in a day, 59% in a week, and 64% in a month.

“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,” Block.one CEO Brendan Blumer was quoted as saying in the press release.

According to Galaxy Digital’s Mike Novogratz, “Bullish’s sheer size and scale combined with Block.one’s experience in high-performance blockchain engineering will make Bullish a formidable player from day one.”
_____

Reactions:

_____
Learn more:
EOS Slumps, Holders Rage after Key Technical Boss Steps Down
EOS Price Spikes Upwards After Block.one Settles with SEC

Block.one’s Early Investors Might Receive 6,567% Return
Crypto Exchanges to Spend 2021 Focusing on DeFi, UX, and New Services

Coinbase Aims At New Markets, Reg Hurdles After Nasdaq Debut
Prepare Your Crypto Startups as Binance is Shopping
___
(Updated at 13:33 UTC with reactions and new details about the exchange. Updated at 16:49 UTC to clarify that Block.one is the developer of EOSIO, and the name of the new exchange is Bullish.)

More Articles

Altcoin News
Franklin Templeton Pursues SEC Nod for New Crypto Index ETF
Shalini Nagarajan
Shalini Nagarajan
2025-02-07 04:30:47
Bitcoin News
Russia’s BitRiver Says Bitcoin Will Hit $160k Before Year’s End
Tim Alper
Tim Alper
2025-02-07 03:00:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors