Bullish Global, a cryptocurrency group backed by billionaires Peter Thiel, Louis Bacon, and Alan Howard, announced plans to go public in New York through Spac trading, further demonstrating that the industry is willing to enter the stock market.
The digital asset group managed by blockchain software company Block.one said on Friday that it will merge with Far Peak Acquisition Corp, a blank cheque company led by Tom Farley, the former president of the New York Stock Exchange.
The transaction valued Bullish at approximately US$9 billion. This figure mainly includes the US$692 million in cash held by Far Peak and the assets and assets of Thiel, Bacon, Block.one and other companies that provided capital for Bullish Global in May. investment.
Hong Kong businessman Richard Lee, German financier Christian Angermeier, Michael Novogratz’ Galaxy Digital and Japanese investment bank Nomura also support the bullish trend.
Bullish plans to launch a digital asset exchange but has not yet started trading. This move highlights the emerging projects that cryptocurrency investors are pushing for listings in the United States, the world’s largest stock market.
Circle, the American financial technology company behind the USD stablecoin, Announce It plans to merge with a special purpose acquisition company and list on the New York Stock Exchange on Thursday.
Bakkt is a cryptocurrency platform in which the traditional exchange giant Intercontinental Exchange has a majority stake. combination Acquired tools through Victory Park Capital in January. The exchange Coinbase also made its debut on Wall Street in April.
Bullish and its supporters bet on Decentralized financeAccording to estimates by JPMorgan Chase analysts in May, the DeFi market has grown from approximately US$15 billion at the beginning of the year to US$65 billion.
The group will run a decentralized trading network that allows users to directly buy and sell digital assets with each other and bypass intermediaries that charge fees, such as exchanges or clearing houses.
It will encourage the use of automated market makers for trading, which do not trade through the exchange’s central order book. Instead, they deposit assets into contracts that are calculated and coded, and then algorithms search for buyers and process purchases and sales.
Incentivize asset owners by sharing the pool of fees generated by trading activities. Bullish plans to pilot its exchange for testing by potential users in the next few weeks.
Decentralized trading is still in its infancy, and the largest network is built on the Ethereum blockchain, which is a competitor to Block.one’s EOS.IO.
Experts describe the defi market as the most difficult market in the world to trade, because it is anonymous, there are hundreds of coins, and they all have different trading characteristics. According to CipherTrace, a blockchain analysis organization, hacker attacks are also common. Users also complained about the high fees charged to compensate for the computational power required to execute transactions on Ethereum.
Farley will become the CEO of Bullish, and Block.one CEO Brendan Blumer will be appointed Chairman of Bullish. “We are only in the first or second round of the cryptocurrency market. I am very happy to join the Bullish team because we are revolutionizing the future of digital assets through cutting-edge financial technology,” Farley said.
The transaction is expected to be completed by the end of this year.