Thiel, Novogratz Back $10B Funding for Block.one’s New Crypto Exchange Subsidiary

Block.one has launched a subsidiary, Bullish Global, with $10 billion in funding backed by prominent investors including Mike Novogratz and Peter Thiel.

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Bullish Global will operate as an independent subsidiary under Block.one, the developer of the EOSIO blockchain, according to an announcement Tuesday.
The new venture will be focused on the launch of a crypto exchange called Bullish later this year.
The exchange will aim to offer automated market making, lending and portfolio management to deliver “functionality that has previously been monopolized by incumbent players in traditional finance, while driving deeper liquidity to digital assets,” according to the announcement.
The $10 billion funding includes an initial investment from Block.one of $100 million in cash, around $9 billion in bitcoin and just under $200 million in EOS.
This is supplemented by a $300 million funding round backed by Peter Thiel’s Thiel Capital, Mike Novogratz’s Galaxy Digital, Brevan Howard's Alan Howard and investment bank Nomura.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.