EOS Soared 46% After Block.one Invested $10B In An Exchange

EOS soared 46% while the development on the network got down but can the EOS-integrated exchange help this situation? Let’s find out more in our latest EOS news today.

The new exchange starts with a new pile of cash, EOS, and Bitcoin with the starting capital is not far from the EOS market capitalization. To start a centralized crypto exchange, you would need liquidity to enable trades and attract buyers and sellers with the gross domestic product of a small country ought to do it.

Block.one is the software firm behind EOSIO blockchain platform which pulled together $10 billion to get Bullish Global off the ground and the company supplied 164,000 BTC, 20 million EOS, and the $100 million in cash while still raising the $300M in strategic funding. EOS enjoyed a great day among the top 100 cryptocurrencies by market cap and moved from $9.17 to $13.83 in six hours this morning as the news broke. EOS soared 46% surpassing other hot assets like MATIC and YFI according to the data from Nomics.

Block.one was founded by CEO Brendan Blumer and the former CTO Daniel Larimer and wrote the EOS white paper. The project was considered as the original “Ethereum killer” and went on to raise a record sum of $4.2 billion in the initial coin offering. The backers include the UK hedge fund manager Alan Howard, Moore Capital Management CEO Louis Bacon as well as PayPal, and Palantir co-founder Peter Thiel. Galaxy Digital’s Mike Novogratz also took part in the funding round and said that the bullish’s sheer size and scale combined with Block.one’s experience in high-performance blockchain engineering will make Bullish a formidable player from the first day.

According to the announcement, the new crypto exchange will leverage the existing tools from the EOS network with the EOSIO platform maintained by Block.one. It plans to incorporate lending and automated market-making tools which will allow algorithms to set the prices of the assets that there doesn’t need to be a buyer and seller. The outlay of funds by Block.one could be a necessity to remain relevant and as per the report by Outlier Ventures, EOS lost about 85% of its developer pools over the year as the Github code updates evaporated to 6% of the previous year’s level.