Bullish Launches Spot Trading in the U.S.
The cryptocurrency trading platform Bullish has officially commenced spot trading operations across the United States, initially extending its services to customers in 20 states. This launch follows the recent acquisition of essential licenses, specifically the BitLicense and money transmission licenses, from the New York State Department of Financial Services, which highlights Bullish’s commitment to adhering to regulatory standards in one of the country’s most stringent markets.
Key Markets and Future Expansion
Among the states now served are prominent markets such as New York, California, Florida, Washington, D.C., and Wyoming, with aspirations for eventual expansion to additional states in the future as indicated in their press release dated October 1.
Growth and Market Position
Since its establishment in 2021, Bullish has quickly risen through the ranks, securing a position within the top ten cryptocurrency exchanges by trading volume for popular digital assets Bitcoin and Ethereum. Impressively, the platform has accumulated over $1.5 trillion in total trading volume to date. This launch coincides with Bullish’s recent public listing on the New York Stock Exchange, further solidifying its presence in the market following its initial public offering in August.
Institutional Engagement and Services
In terms of institutional engagement, the expansion into the U.S. market has garnered support from notable clients such as BitGo and Nonco. This backing will enable Bullish to cater to various institutional players including hedge funds, market makers, fintech companies, high-frequency traders, neobanks, and proprietary trading firms. Looking ahead, the platform aims to enhance services available to advanced individual traders as well.
Innovative Trading Infrastructure
Chris Tyrer, president of Bullish, emphasized the need for superior execution and greater liquidity in the U.S. market tailored to the distinctive strategies of these institutions. Bullish’s unique trading infrastructure merges a central limit order book with automated market making, a strategy they believe is fundamental to providing reliable liquidity and efficient trade execution.
Tyrer stated,
“Our U.S. launch introduces a platform that we believe combines institutional-grade liquidity, cutting-edge technology, and cost efficiency to empower institutions and, for the first time, advanced individual traders.”
Customer Incentives
Additionally, U.S. customers will enjoy appealing incentives, including the elimination of maker fees for institutional accounts and zero trading fees for individuals, reinforcing Bullish’s competitive position in an already established market largely led by Coinbase.
