EOS related project Bullish to be merged with Tom Farley’s Spac on New York Stock Exchange.

Just in case if you were unaware, recently it was announced that Block-One’s new startup Bullish, plans to go public in a reverse merger on the New York Stock exchange, I'm sure I don't have to tell anyone that's been and the EOS ecosphere for any length of time, how significant this news is. In this video I intend to go over a recent article I read called “Ex-NYSE President Tom Farley’s Spac to merge with Bullish to bring planned crypto exchange public” and give you my opinion on what I believe this could mean for EOS main-net in future, links will be in the video description below, OK now let's get started.

Source Link: https://www.cnbc.com/2021/07/09/ex-nyse-president-tom-farleys-spac-to-merge-with-bullish-to-bring-planned-crypto-exchange-public.html

To paraphrase the article first begins with, cryptocurrency startup Bullish intends to go public via a reverse merger with a special purpose acquisition firm sponsored by Tom Farley, a former president of the New York Stock Exchange.

Farley's Far Peak Acquisition Corp. Spac jumped more than 2 percent in a late-morning trade as a result of the announcement. The transaction, which was announced on Friday, is scheduled to be completed by the end of 2021, and Farley, who served as CEO of the NYSE from 2014 to 2018, would take over as CEO of Bullish at that time. "This is a great concept whose time has come," Farley remarked in an interview on CNBC's "Squawk Box" soon after the transaction was revealed.

Digital assets are here to stay. The brightest technical minds are gravitating toward digital assets, and digital assets are addressing some of the world's most pressing issues. Anyone who claims to know precisely how things are going to turn out is lying or deluded, but in general, you can expect to see more and more intriguing use cases, as well as an increase in the amount of money invested in the area. Farley's intention to head the cryptocurrency exchange is significant, considering his previous expertise dealing with financial authorities while working at the New York Stock Exchange.

The crypto sector is keeping a close eye on the possibility of more regulation in the United States. Bullish anticipates receiving about $600 million in cash from Far Peak, as well as an additional $300 million via a PIPE, or private investment in public equity. A slew of well-known investors is taking part in the PIPE, including BlackRock, the world's biggest asset manager, and Mike Novogratz's crypto-focused financial services company Galaxy Digital. According to a press statement, the combination of Far Peak and Bullish will result in a pro forma equity value of about $9 billion.

Bullish plans to establish "a new, regulated cryptocurrency exchange" later this year, with a private pilot program set to begin in the coming weeks, according to a press release. According to the press announcement, the exchange will provide "deep, dependable liquidity with technology that allows individual and institutional investors to earn a return from their digital assets." Bullish launched in May as a subsidiary of Block.one, a blockchain startup with support from well-known investors, including PayPal co-founder and renowned venture capitalist Peter Thiel. Thiel's companies, Thiel Capital and Founders Fund, participated in Bullish's capital round in May.

Bullish has attracted more investors, including British hedge fund manager Alan Howard, digital marketing company Galaxy Digital, and Hong Kong businessman Richard Li, who is worth a billion dollars. The institutional adoption of bitcoin and other cryptocurrencies has been a major subject of discussion over the last year. Companies such as Tesla and Square have made investments in bitcoin to be held on their balance sheets, and big Wall Street banks have made efforts to offer exposure to digital assets to their wealth management customers. Coinbase, the most popular cryptocurrency exchange in the United States, went public in April via a direct listing on the Nasdaq, a move that was hailed as a watershed moment for the still-developing but rapidly expanding sector.

Coinbase's public market launch coincided with bitcoin's current all-time high price of about $65,000 per unit. However, the world's biggest cryptocurrency by market capitalization has suffered since then owing to a variety of reasons, including the Chinese government's intensification of its crypto crackdown. Bitcoin was trading below $33,000 on Friday morning. Last month, it temporarily fell below $29,000, the level at which it began the year. Blockchains, which are used by Bitcoin and other cryptocurrencies, are decentralized digital ledgers that are maintained by many parties.

While the digital asset sector has its fair share of detractors, its advocates believe that the implementation of so-called smart contracts and other blockchain-related technologies has the potential to disrupt conventional banking. Farley said in an interview with CNBC in April that he thinks the cryptocurrency sector is "the greatest hidden secret in the world, and maybe the history of the financial markets."

OK before I give you my personal input, I think it's important for us to go over what exactly is a Spac, for those of you that are unaware.  A special purpose acquisition company aka (spac) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. In recent years, they've become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019

Now that the definition is out of the way, this is ultimately how bullish the crypto startup will be listed on the New York Stock exchange, this is significant because Coinbase the largest crypto exchange in the United States was only listed this year, it was considered one of the premium tech stocks, by none other than successful stock investor, and notably famous Tesla bull, Kathy Woods herself, who holds a significant amount of Coinbase stock in her investment company ARK invest.

In a very real way, it would not be an overstatement, to say that despite Bullish being a startup, it has already potentially leapfrogged, other more established crypto exchanges currently already operating in the industry, like Kraken, Gemini, and of course Binance, who's crypto token Binance-Coin, currently trades around 300 dollars a token, and sits at rank 4 on the Corn-Market-Cap crypto chart.

I hope I'm getting the point across to anyone that's listening, how significant this is that the crypto exchange Bullish, will begin operations as a publicly traded company, within one of the most lucrative markets in the world. This should drive significant value into the EOS main-net blockchain in a similar way, that Binance Crypto Exchange and Binance Coin, synergize off each other. And I know that are some that will say that much of the value transfer that happens within the Binance ecosphere, happens because of Binance Exchange, token buybacks, and burn-offs. This is very true, but this is also somewhat short sighted, considering that there is often unaccounted for, value transfer, often as a result of consumer speculation, of the integrated relationship between the token, and the exchange, as well, that is not often accounted for. 

Not to mention, the Bullish crypto exchange, will directly utilize EOS main-net resources, to all outward observers, it will be hard to convince them that if the Bullish exchange actively utilizes, and values EOS main-net resources, that they should not as well. The Bullish exchange will show the world why EOS main-net resources are valuable, by actively showcasing their use, in a corporate styled business model, with a crypto defi hybrid order-book, invented by Daniel Larimer himself. Buckle up boys and girls, the most undervalued crypto currency in the crypto world (EOS main-net) is about to show the world why it should not be underestimated.

To all EOS holders, the age of Bullish has arrived.