Block.one, the developer behind EOS, raised billions of dollars to establish the exchange Bullish. EOS surged over 50% upon hearing the news.
Block.one raised $1 billion to establish a new company and is expected to launch the decentralized exchange Bullish based on the EOS blockchain within this year. The EOS token surged in response, with an increase of approximately 52% in the past 24 hours.
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A Billion-Dollar Exchange
According to a press release from Block.one, the company behind the EOS blockchain, they have raised $10 billion in funds along with other investors to establish a new subsidiary called Bullish Global. The company plans to launch a decentralized exchange called Bullish later this year. In the press release, Block.one stated:
“Bullish Exchange will offer users new automated market-making services, lending, and portfolio management tools to provide functionalities and services previously monopolized by traditional financial participants while driving deeper digital asset liquidity.”
Furthermore, Bullish will utilize EOSIO and the EOS public chain to provide verifiable and tamper-resistant records for all trades on the exchange. Block.one mentioned that Bullish is the first company to fully introduce external verifiable state into a high-performance trading and asset management platform.
Among the total $10 billion in assets raised by Bullish Global, it includes $100 million in cash initially injected by Block.one, 164,000 bitcoins, 20 million EOS tokens, and the latest $300 million in investment funding. Participating institutions in the latest round of financing include Thiel Capital, Founders Fund, Galaxy Digital, international investment bank Nomura, and other individual investors. CEO of Galaxy Digital, Mike Novogratz, stated in the press release:
“The scale of Bullish combined with Block.one’s experience in high-performance blockchain engineering will make Bullish a powerful player from day one.”
Following the news release, the EOS token saw a strong rebound, emerging as the best-performing coin in the top 100 cryptocurrencies by market capitalization over the past 24 hours. Its price surged from $9.17 to $13.83, a gain of approximately 52%, surpassing other popular assets like YFI, MATIC, and GT.