Peter Thiel backed Block.one launch $10bn cryptocurrency exchange

Block.one, a blockchain technology company backed by Peter Thiel, is set to launch a new cryptocurrency exchange called Bullish, capitalised with over $10 billion in cash and digital assets.

Peter Thiel is a famed Silicon Valley investor who co-founded Paypal and big data firm Palantir Technologies.

He gained mainstream notoriety as an early investor Facebook and was portrayed in the 2010 film The Social Network.

Other investors included Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and Asian investment bank Nomura.

Block.one said Bullish aims to combine the benefits of traditional brokers such as performance, user privacy, and compliance with the benefits of decentralized finance (DeFi) market architecture.

The seed funding for Bullish included 164,000 bitcoins with a rough value of $9.7 billion, $100 million in cash, and 20 million EOS tokens – the cryptocurrency which Block.one uses to facilitate its transactions.

The Cayman Islands registered block.one raised $4 billion in June 2017 as part of an initial coin offering (ICO), a record at the time.

The news comes after Coinbase listed on the Nasdaq in April at a valuation of $68 billion, the largest initial public offering (IPO) in cryptocurrency history.

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