It appears a new player is jumping into the game of crypto exchanges. Block.one is preparing for the launch of a new exchange, and a funding round for the platform has garnered a wealth of entrepreneurial support. The crypto news is shaking up the world of decentralized finance today.
Block.one is a blockchain software company whose main goal is in transparency. As a major player in DeFi, Block.one seeks to create products that have a high ease of use, and are secure and transparent in operation. Most notably, they are behind the EOS (CCC:EOS-USD) crypto. Through the EOS blockchain, users can develop their own DApps with a straightforward interface and high scalability.
The company is making waves today thanks to the announcement around its coming crypto exchange, Bullish. The company, backed by long-time investor and renowned venture capitalist Peter Thiel, just got a $10 billion cash injection. According to its press release, the seeding includes 164,000 Bitcoin (CCC:BTC-USD) as well as cash assets and EOS tokens.
Crypto News: What to Know About the Bullish Exchange
The details of the Bullish exchange are not yet public, but we do know a few things about the crypto news.
Namely, the exchange will feature automated market making, lending and portfolio tools typical to traditional finance, but not DeFi. The aim is for Block.one to marry traditional finance with DeFi in a way that has not been done in order to attract users from other major crypto exchange players like Coinbase (NASDAQ:COIN). Also, the company is announcing that Thiel will be serving as a senior advisor. He will be doing so alongside other major investors Alan Howard, Richard Li, and Christian Angermayer.
The news is not only exciting investors, but doing well to bolster the price of EOS. The Block.one token has seen a 14.5% gain in the wake of the news. EOS is currently trading at $11.45, and trading volume is up 98% on the day.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.