Bullish – a Peter Thiel-backed institutional crypto exchange goes live

Bullish, an institutional crypto exchange supported by multiple renowned people and entities like Peter Thiel, Galaxy Digital, and Block.one, has launched in Gibraltar. The exchange unveiled this news through a press release earlier today, noting that it has already activated trading for institutional investors. Reportedly, the launch was on an invitation basis only.

According to the news release, the exchange launched after securing a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC). Bullish noted that the DLT license allows it to offer unique features, such as Hybrid Order Book and proprietary Liquidity Pools, which will support trading pairs on the exchange.

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The exchange disclosed that the first batch of institutional investors includes but is not limited to a non-U.S. affiliate of Virtu Financial and Amber Group, a leading financial service provider. Per Bullish, these investors will clear the path for a full launch, which might see the exchange start onboarding retail users.

Commenting on being among Bullish’ first customers, Tiantian Kullander, the co-founder of Amber Group, said,

As a crypto native finance service provider, we look for opportunities to work with other industry leaders who are increasing accessibility and providing unique solutions. We’re delighted to be working with a company that will help us grow our trading and product services.

An exchange to meet investors’ needs

Brendan Blumer, the Chairman of Bullish, said the company has been working for years to deliver an exchange infrastructure that meets the needs of investors that seek secure exposure to digital assets through a regulated platform. He added that Bullish features innovative liquidity and portfolio management options.

Reportedly, Bullish is initially availing $3.00 billion (£2.27 billion) of balance sheet assets in its liquidity pools. These funds will facilitate automated lending and market-making functions and maintain a balance in the value of assets contributed through variable market conditions.

The exchange went live with an offering of four digital assets. These are Bitcoin (BTC/USD), Ethereum (ETH/USD), EOS, and USD Coin (USDC/USD). However, Bullish seeks to broaden this offering in the future. The platform is not available for US users, and Bullish does not plan to let US investors access it until applicable US laws allow citizens to use its services.

While the exchange has just gone live, it already has ambitions of going public. Its plans involve merging with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC). The merger is set for later this year or Q1 2022, subject to various approvals and conditions.