Bullish, the subsidiary of block.one that was founded to build a proprietary cryptocurrency exchange powered by the EOSIO private blockchain, has announced the launch of its flagship product, the Bullish Exchange.
EOS-Powered Crypto Exchange
The venue is now available to eligible individual users and institutions in select jurisdictions within Asia-Pacific, Europe, Africa and Latin America.
The trading platform offers institutional and retail traders access to deep liquidity and low-cost transactions by leveraging innovations in decentralized finance (DeFi) and a broad network of backers.
Earlier this year, the company raised $10 billion from several investors, including Peter Thiel’s venture capital firm, Block.one, Galaxy Digital, Founders Fund, and Nomura.
Bullish has added more than US$2 billion of cash and digital assets to its proprietary liquidity pools, and has already achieved 24-hour total trading volume exceeding US$150 million following the launch of the exchange in late November to select institutions.
An evolution from the traditional exchange, Bullish’s proprietary Hybrid Order Book pairs the high-performance of a traditional Central Limit Order Book (CLOB) with Automated Market Making (AMM) — a protocol that uses a mathematical algorithm to facilitate prices in a transparent, market-neutral, and deterministic manner. Bullish Liquidity Pools offer clients the ability to manage balanced portfolios while earning passive yields at scale across highly variable market conditions.
Bullish Names Thomas Farley as CEO Ahead of SPAC Deal
Bullish is also on the verge of merging with Far Peak Acquisition Corporation (FPAC) in a SPAC deal that will allow the exchange firm to go public. FPAC chief executive Thomas Farley will serve as the incoming CEO of Bullish upon the completion of the merger.
Thomas Farley, Chairman and CEO of Far Peak Acquisition Corporation, commented: “Within traditional finance, innovation has unfortunately become synonymous with complexity, creating a vacuum for closed-door decisions to thrive. The Bullish exchange aims to drive value back to underlying asset providers and fundamentally enhance the market architecture of DeFi with the high performance of a CLOB. It’s the best of both worlds that opens up new opportunities for a new era of finance.”
Brendan Blumer, Chairman of Bullish, added: “Bullish was born from working backwards from our own desire to more effectively manage digital assets, and today we’re ready and excited to share these revolutionary tools with the public.”
The Bullish exchange leverages a private EOSIO-based blockchain in order to integrate the strategic advantages of blockchain’s inherent capabilities into the platform design, and achieve a new degree of security, transparency, and resiliency.
Access to the trading platform is without passwords to prevent security vulnerabilities inherent with passwords by using public key cryptography.
The Bullish exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission.