cryptoknowmics.com
Bullish Global, the crypto firm backed by billionaire Peter Thiel, has launched a 7-week pilot of its much-anticipated trading platform. The company made a string of headlines recently as it announced its plans to go public via a SPAC merger valued at $9 billion and appointed former New York Stock Exchange president Thomas Farley as its CEO.
Bullish Exchange’s Trading Platform Enters 7-Week Test phase
Over the course of the next seven weeks, Bullish will test its trading platform with simulated transactions in digital assets. The firm will invite both retail and professional investors to participate in the process and reward them with cash prizes.
“We’re awarding a total of $525,000 in cash prizes for three eligible participants who compete in the featured paper trading games. Each game will have a US$175,000 pot, with a top prize of US$100,000. The 2nd and 3rd place winners will be awarded US$50,000 and US$25,000, respectively.” Bullish stated.
According to reports, the platform scales its liquidity using centralized liquidity providers and its internal automated market-makers (AMM). This feature differentiates the platform from many others in the industry since it assures liquidity even during periods of instability.
Ian Smith, Bullish’s chief product officer, revealed that trading cost for liquidity providers is 10 basis points, whereas for liquidity takers it is zero basis points. It is also indicated that the platform would require users to wait for a week to withdraw their staked assets.
Bullish is expected to complete the ongoing trial by September 13, however, the service will not be available for wider use until later this year. The exchange intends to deliver “market-making, lending, and portfolio management tools” through its platform while drilling better liquidity into digital assets and enhancing the transparency of on-chain transactions.
Bullish Eyeing Greater Share of the Crypto Market
While it’s still at a nascent stage, Bullish has already made it clear that it wants to expand its footprint in the crypto space. Earlier this month, the company disclosed that it was negotiating a SPAC deal with Far Peak Acquisitions Corp, which will allow it to go public in the United States. The merger represents a broader trend in the industry that has seen several crypto firms lean towards the equity market.
By obtaining the status of a publicly-listed firm, Bullish aims to counter the regulatory uncertainty that normally overshadows digital asset trading companies. At the same time, it wants its users to take part in the company’s decision-making in the future.
The deal with Far Peak is expected to be closed by the end of 2021, and it has valued Bullish exchange at $9 billion, although this amount is subject to adjustments based on the price of Bitcoin at the time.