Although the cryptocurrency market has a rich trading space, new exchanges continue to emerge in the market. One of them is Bullish, which will soon see the light of day. Why does it arouse so much excitement? It is discussed in the material below.
The beginning of a great plan
On May 11, 2021 Block.one, the company that manages the blockchain EOS, announced that on its foundations a cryptocurrency exchange will be created with a funding of 10 billion dollars. We are talking about a project called Bullish, which will be managed by a Block.one subsidiary called Bullish Global. The new platform is still expected to launch in 2021. It is expected to combine performance, user privacy and features of a central order book based on DeFi’s decentralized architecture. The new exchange plans to offer its users innovative solutions for market making, lending and portfolio management. The basic premise of Bullish is that it will be built entirely on the EOS blockchain. This makes the exchange cryptographically verifiable, and gives it an additional form of auditing.
The $10 billion base capitalization of the exchange is not just the result of external funding. It includes 164,000 Bitcoin, 20 million EOS tokens, and $300 million raised from investor fundraising.
A big name at the head of the project
In mid-July, Bullish Global announced that through a merger with Far Peak Acquistion, it plans to list on the New York Stock Exchange (NYSE). This will be assisted by former NYSE chairman Tom Farley, who will serve as Bullish’s chief executive officer.
Tom Farley is a well-known figure in the financial world. He is known, among other things, for his role as the chief financial officer and later as the chairman of SunGard Kodex, a derivatives advisory company. He was also president of the Intercontinental Exchange (ICE) and chief operating officer of ICE Futures US. In 2013, he became the chief operating officer of the NYSE group to lead it as president a year later until 2018.
His presence at the Bullish project symbolically increases its value and significantly garners attention. So far, the only officially listed crypto exchange is Coinbase. Kraken is coming out with similar plans. Thus, Bullish, which physically still does not exist, marketing-wise is dynamically gaining importance and may become an important position among the largest of this market.
The world of cryptocurrencies is constantly evolving, providing more and more interesting and meaningful solutions. Among them the Bullish exchange project sounds promising. We will soon find out how big a role it will be able to play.