Peter Thiel is a name with a lot of weight to it, especially when it comes to hyped up new tech. The venture capitalist is one of the founders of PayPal (NASDAQ:PYPL), a payment platform that is all but ubiquitous now. His software company, Palantir Technologies (NYSE:PLTR), is both a popular meme-stock play and a security touted for its fundamentals by analysts. So it’s only natural that when Thiel jumps into the burgeoning world of cryptocurrencies, investors stand at attention. The Bullish crypto exchange, a venture which Thiel plays a major advisory role in, is about to hit the market, and there’s a ton of excitement around the platform.
An announcement today is shaking up the world of digital currency; the Bullish venture is reaching its first stages of implementation. So, what do you need to know about the company and its newly launched pilot program?
Thiel’s Bullish Crypto Exchange Reaches Pilot Stage—Everything You Need to Know
- The Bullish crypto exchange is the spawn of Block.one CEO Brendan Blumer, whose company develops blockchain-based software. Peter Thiel plays a senior advisory role for the company, giving him significant input on the exchange’s model.
- Bullish touts its “hybrid book orders” as the tech that sets it apart from both centralized and decentralized exchanges. The company says it combines its deep liquidity pools and traditional market orders to provide higher certainty over otherwise volatile market conditions.
- The exchange also has models for yield farming and third-party trade spotting and lending, blending further central exchanges and DEXs.
- Security is a broad talking point of the exchange as well; the platform will utilize WebAuthn authorization protocols to secure transactions on the blockchain.
- Today is a huge day for Bullish. The long-hyped trading platform is releasing its pilot exchange this morning.
- The private pilot exchange will run for seven weeks. Invitations are being sent to pilot users, which will consist of both retail and institutional investors.
- The program intends to expose investors to their hybrid order book model. It will also include the platform’s tentative passive yield-farming tools and third-party trading capabilities.
- Paper trading games are seeing implementation in the pilot program to incentivize participation. The company is handing out $525,000 in prizes over the course of the program.
- The pilot program shows the exchange to be moving very close to a full launch. Investors should watch this pilot unfold and hope for launch details following its conclusion.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.