• Ex-PayPal CEO Launches Cryptocurrency Exchange For Institutional Clients

  • On Tuesday, the cryptocurrency exchange backed by Peter Thiel and Richard Li began accepting institutional investors. The initial launch for institutional investors is only the first step toward a full launch for private investors and traders.

    The Bullish Exchange will allow users to trade Bitcoin, Ether, and EOS tokens against USD coins. The exchange will broaden its digital asset offering for both institutional and retail investors as it develops and expands in the future.

    Founders of the Exchange

    Firms such as Virtu Financial (non-U.S. affiliate) and Hong Kong-based crypto finance firm Amber Group are among the exchange’s early clients. The first company is a New York-based electronic market-making firm.

    The new exchange, which is also supported by hedge fund managers Alan Howard and Louis Bacon, was launched in early 2021. The exchange has many unique features derived from the world of decentralized finance, such as automated market making, lending tools, and portfolio management mechanisms that will assist traders in properly managing their funds.

    Bullish exchange’s chairman presented his product as a tool designed for investors seeking secure and efficient exposure to the digital assets market on a platform that will ensure funds safety from both the technical and legal perspectives.

    Initially, the exchange will use its own assets to add liquidity to pools used by automated lending and market-making mechanisms. The Bullish exchange’s backend is powered by EOSIO, an open-source blockchain software developed by Block.one.

    Future projections

    By merging with SPAC company Far Peak Acquisition Crop, bullish exchange plans to broaden its offering even further by going public on the New York Stock Exchange. The transaction between the two companies will value the exchange at around $9 billion.

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