A new cryptocurrency asset exchange called Bullish by Block.one is coming this year. Block.one is the developer of the EOSIO blockchain, and billionaires Peter Thiel, Louis Bacon, and Alan Howard are among major investors who will support its new ambitious project.
Bullish Global is the new subsidiary of Block.one, which secured $10 billion in funding from strategic investors. The backers also include Richard Li, Christian Angermayer, Galaxy Digital, and global investment bank Nomura.
The new decentralized finance is getting ready to disrupt traditional markets and compete with Coinbase, Binance & Co., and other cryptocurrency exchanges.
The decentralized finance market has seen a sharp increase from $15 billion to $65 billion since the beginning of 2021. Digital assets are on the rise, and trading and investing on cryptocurrency digital markets have seen rapid growth. What attracts traders the most is that they don’t need an intermediary but can instead interact directly on the chain. Decentralized finance markets also bypass the custodian, trading, and record-keeping roles of banks, exchanges, and brokers.
The absence of intermediaries brings many benefits. There is more privacy, as all information is anonymous, including market data and transaction history. Trading this way is less time-consuming and involves fewer fees.
Financial Times quoted an experienced investor in cryptocurrency innovations, Michael Novogratz, saying that “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.”
Block.one is planning on utilizing its cryptocurrency EOS and its EOSIO blockchain protocol to provide an audit trail of all transactions. Following the news, EOS, which was ranked 23rd, with a market capitalization of $9.3 billion, has skyrocketed by more than 20% in only twenty minutes.