Breaking: This Thiel-Backed Institutional Crypto Exchange is getting Traction, Here’s Why

Crypto exchanges catering solely to institutional players are on a rise, with yet another big name in the industry backing a similar project. Peter Thiel-backed crypto exchange, Bullish has announced that it will now offer crypto trading services for enterprises and also plans on eventually extending its reach into the retail market. The institutional crypto exchange commenced operations today with offerings of Bitcoin, Ether, EOS tokens and USD coins.

Furthermore, according to Forbes, the exchange platform’s early clientage consists of a non-U.S. affiliate of Virtu Financial, the electronic market-making firm based in New York, and the Hong Kong-based crypto finance firm Amber Group. However, the platform is currently only offering services in the U.K., Germany and Brazil, but is not available in the US as of now. While Bullish is a substantially new company, which was launched earlier this year, yet, it has seen rapid growth, as its parent company,  Block.one, a blockchain software company, is backed by a group of eminent investors including PayPal’s Peter Thiel, along with hedge fund managers, Alan Howard and Louis Bacon, and the Hong Kong business tycoon, Richard Li. Additionally, according to Bloomberg’s report, Bullish also has plans to go public before March 2022 through a merger with the special-purpose acquisition company Far Peak Acquisition Corp.

Brendan Blumer, the chairman of Bullish told Forbes that the infrastructure of the exchange is “designed to meet the needs of investors who are seeking secure exposure to digital assets on a regulated platform, and with innovative liquidity and portfolio management options stemming from an entirely new exchange architecture.”

Ripple Offers Crypto Services to Institutions

Bullish is not the first company to launch enterprises focuses crypto trading services. Earlier today, CoinGape reported on Ripple’s exclusive crypto project called the Liquidity Hub, which will allow financial service firms to trade cryptocurrencies like, the OG Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, and the most controversial  XRP. However, Liquidity Hub will mainly utilize XRP ledger as the main system.