The blockchain software company, Block.one, announced today its intentions to launch an EOS-based crypto subsidiary, dubbed the “Bullish Global.” Within the same announcement, the EOSIO developer also revealed that the raised capital that will be used for the launching of the aforementioned subsidiary, amounting to about $10 billion, was from the firm’s extensive crypto holdings and some of today’s most prominent investors. This includes $300 million from Mike Novogratz, Peter Thiel, and other noteworthy hedge fund managers.
The outstanding capital sum purportedly all came from the broad crypto wealth of the firm, which includes 164,000 Bitcoin (BTC), amounting to about $9 billion, on top of 20 million EOS or $200 million.
According to Block.One, the incoming exchange subsidiary aims to offer automated market-making (AMM), portfolio management, and lending services in an effort to provide the functionality that inescapable entities within traditional finance have previously locked. On top of that, the company also states that the Bullish exchange intends to drive further liquidity into the already surging digital assets.
Block.One states that Bullish Global would function as an entirely separate entity while also managing to mix features from centralized and decentralized exchanges. Novogratz, a significant investor as mentioned above, believes that Bullish will undoubtedly hit the ground running based solely on its massive scale and size – expressing excellent trust in the upcoming Block.One subsidiary.