Bullish, a cryptocurrency exchange launched by Block.one, plans to go public in SPAC through a merger with Far Peak Acquisition Corporation (NYSE: FPAC), a SPAC. The blockchain-focused company said in a press release, the deal might value the company at approximately $9 billion.
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The company also raised $300 million in PIPE financing by EFM Asset Management with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and others.
"The transaction is expected to close by the end of 2021 and is subject to approval by Far Peak stockholders and other customary closing conditions, including regulatory approvals," the company added.
Block.one also plans to run a private pilot program of Bullish and officially launch the exchange later in 2021. During the pilot, users could test and experience the platform "first-hand within a simulated market environment," the company said.
As iHodl reported, Block.one announced a new cryptocurrency exchange with $10 billion funding in May this year. The platform will reportedly be based on central order book technology with the vertically integrated user benefits of decentralized finance (DeFi) market architecture.
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