Block.one secures $10 billion in support for the EOS-based crypto exchange site.

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Bullish Global, an EOS-based crypto trading website, is set to go live later this year.

Block.one, a blockchain computing company, has revealed intentions to open a cryptocurrency exchange subsidiary.

According to a release published on Tuesday, the platform — dubbed “Bullish Global” — will run on the EOS blockchain.

As part of the launch, the EOSIO developer announced that it had secured $10 billion in funding for the crypto exchange. This sum includes $300 million in venture support from investors such as Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon.

The remaining money was allegedly derived from Block.one’s crypto holdings, which included 164,000 Bitcoin (BTC) — worth about $9 billion in today’s market valuation — and 20 million EOS. The EOSIO creator is also said to have contributed another $100 million to Bullish Global.

Cointelegraph announced in January that Block.one’s Bitcoin assets totalled approximately 140,000 BTC. Block.one CEO Brendan Blumer commented on the proposed cryptocurrency exchange:

“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.”

Bullish Global will merge centralised and decentralised crypto exchange infrastructure and activities, according to the group. a stumbling block One source has reported that the proposed exchange would operate as a separate organisation.

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Aside from digital market-making facilities, the Bullish exchange can also provide customers with lending markets and fund management tools.

Novogratz has commented on the announcement, predicting that Bullish Capital would hit the ground running due to its sheer size and scope.

 

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