- Bullish global is backed by a group of prolific investors and leading names in the venture capital space.
- Block.one has funded Bullish Global with about $10 billion in digital assets and cash.
United States, July 10, 2021 /AlexaBlockchain/ – Thiel-backed digital asset firm Bullish Global announced on Friday it had agreed to go public on the New York Stock Exchange (NYSE) through a business combination with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC), in a $9 billion deal.
Who is Bullish Global?
Bullish (Bullish.com) is a digital asset firm launched by blockchain software company Block.one. Bullish plans to introduce ‘a fully regulated digital asset exchange’ later this year. The firm claims that it will be different from other exchanges and it will offer deep, predictable liquidity for investors to generate yield from their digital assets.
Bullish Global Has Got Backing From Prominent Investors
Digital asset firm Bullish is backed by a group of prolific investors and leading names in the venture capital space, including billionaire entrepreneur Peter Thiel’s Thiel Capital and Founders Fund, British hedge fund manager Alan Howard, U.S. hedge fund manger Louis Bacon, Hong Kong billionaire Richard Li, German investor Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and Japanese bank Nomura.
Bullish Global Launch and Funding
In May, Block.one together with prominent investors launched Bullish Global with over $10B in seed funding. That seeding for Bullish Global included cash and digital assets following an initial injection by Block.one of US$100 million, 164,000 BTC, and 20 million EOS, and through the completion of an additional US$300 million strategic investment round.
What Differentiates Bullish From Other Crypto Exchanges?
Bullish says that it will be ‘a fully regulated digital asset exchange’ which can be a big differentiator. Added to that Bullish is bringing innovation into the crypto trading market. Bullish seeks to rewire the traditional exchange in order to benefit asset holders, enable traders, and increase market integrity. As mainstream institutions increasingly embrace digital currencies, Bullish aims to make this asset class more accessible and rewarding to investors while developing the next-generation infrastructure required to better suit their needs.
Brendan Blumer, CEO of Block.one, said:
“We believe Bullish’s real-time portfolio balancing tools, deep predictable liquidity, and industry-leading security and compliance represent a new breed of exchange design and can redefine how investors trade and manage digital assets. We are excited to be partnering with Far Peak to bring Bullish into the public markets to offer our customers the opportunity to own a part of our business.”
Thomas W. Farley, Chairman and CEO of Far Peak, said:
“Bullish represents a promising future for financial services. With the increased interest from institutional players and sophisticated traders, it is critical to iterate on the existing exchange infrastructures we see today. Bullish is well positioned to strategically deliver value to its prospective shareholders as it capitalizes on market trends and places technological innovation at the core of its identity. We’re only in the first or second inning of the cryptocurrency market and I’m thrilled to be joining the Bullish team as we revolutionize the future of digital assets through cutting edge financial technologies.”
Why Does It Matter?
Market sentiment on cryptocurrencies has dimmed by recent clamp down in China, Japan and the United Kingdom on the sector. Regulatory uncertainty and recent objections by many countries on leading crypto exchange Binance makes strong case for a ‘fully regulated crypto exchange’. Multiple banks stopped servicing Binance users after UK and other countries said that Binance was not holding a license to run exchange in their country.
Bullish – Far Peak Merger
The combined Bullish and Far Peak entity is poised to have a pro forma equity value at signing of approximately $9 billion, to be adjusted at the closing of the transaction based on crypto asset prices around that time, Bullish said in a statement.
Bullish and Far Peak’s merger will result in proceeds that include net cash in trust of approximately $600 million, assuming no redemptions.
The merger is expected to close by the end of 2021 and is subject to approval by Far Peak stockholders and other customary closing conditions, including regulatory approvals.
The Boards of Directors of both Bullish and Far Peak have unanimously approved the proposed transaction.
Far Peak is a special purpose acquisition company (SPAC) focused on bringing leading financial and financial technology companies public. Far Peak CEO and Chairman Thomas Farley, previously served as the president of the NYSE, will now become the CEO of Bullish. Block.one CEO Brendan Blumer will be appointed Chairman of Bullish.
Bullish Digital Asset Exchange Pilot Program
Bullish has planned to run a private pilot program in the coming weeks ahead of its commercial launch anticipated later in 2021. In the pilot program, participants will be able to test and experience the platform first-hand within a simulated market environment, testing out Bullish exchange’s proprietary innovations, including the Bullish Hybrid Order Book and Liquidity Pools which are designed to provide deep and deterministic liquidity, along with a user-friendly trading experience underpinned by industry-grade security and auditability.