Block.one, a blockchain software company whose long-time backers include billionaires Peter Thiel, Alan Howard and Louis Bacon, is launching a cryptocurrency exchange that seeks to combine attributes of traditional bourses with the benefits of decentralized finance.
Bullish, as the exchange will be known, is being capitalized by Block.one with about $10 billion in digital assets and cash. That seeding for Bullish Global includes 164,000 bitcoins valued at about $9.7 billion, $100 million in cash and 20 million EOS tokens, which power Block.one transactions. A funding round raised another $300 million, Block.one said in a statement Tuesday.
The exchange is seeking to leverage existing blockchain technology with the decentralized architecture of DeFi that has grown in popularity for maximizing yield-generating strategies. The announcement follows Coinbase Global's debut last month on the Nasdaq, which initially valued the largest U.S. cryptocurrency exchange at more than $100 billion.
The price of EOS surged almost 50% in the wake of the announcement to about $12.72, according to CoinMarketCap.com data.