One, the blockchain software company, has announced plans to launch a cryptocurrency exchange subsidiary.
The platform, called “Bullish Global,” will run on the EOS blockchain, according to a post published on Tuesday.
As part of the announcement, developer EOSIO announced that it is raising $ 10 billion in capital for cryptocurrency exchanges. That sum includes $ 300 million from investors like Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon.
The rest of the capital is alleged to have come from Block.one’s cryptocurrencies, including 164,000 Bitcoin (BTC) valued at around $ 9 billion at current market capitalization and 20 million EOS. It has been reported that developer EOSIO has provided an additional $ 100 million in the leak to Bullish Global.
In January, Cointelegraph reported that Block.one Bitcoin holdings amount to approximately 140,000 BTC. Commenting on the planned cryptocurrency exchange, Block.one CEO Brendan Blumer said:
Bullish Exchange will leverage blockchain technology and a new market structure to revolutionize high-performance trading by automating costly third-party features and transforming them into revenue-generating portfolio management tools to provide organizations and individuals with better and safer access to the latest investment strategies. In cryptocurrency. ”
The company announced that Bullish Global will combine the functionality of a centralized, decentralized infrastructure and cryptocurrency exchange operations. Block.one also mentioned that the proposed exchange will operate as an independent entity.
In addition to offering automated marketing services, Bull Exchange will also provide lending markets to users as well as portfolio management tools.
Novogratz also expects rising capital to start operating immediately based on size and scale.