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Bullish Exchange Opens Regulated Cryptocurrency Trading Platform to the Public


GIBRALTAR–()–Bullish, a technology company developing products for the digital assets sector, announced today that its flagship product, the Bullish exchange, is now available to eligible individual users and institutions in select jurisdictions within Asia-Pacific, Europe, Africa and Latin America. The trading platform leverages innovations in decentralized finance (DeFi) with regulatory compliance frameworks, giving institutional and retail traders access to deep liquidity and low-cost transactions.

Following the launch of the exchange in late November to select institutions, Bullish has hydrated its proprietary liquidity pools with more than US$2 billion of cash and digital assets, and has already achieved 24-hour total trading volume exceeding US$150 million.

An evolution from the traditional exchange, Bullish’s proprietary Hybrid Order Book pairs the high-performance of a traditional Central Limit Order Book (CLOB) with Automated Market Making (AMM) — a protocol that uses a mathematical algorithm to facilitate prices in a transparent, market-neutral, and deterministic manner. Bullish Liquidity Pools offer clients the ability to manage balanced portfolios while earning passive yields at scale across highly variable market conditions.

“Within traditional finance, innovation has unfortunately become synonymous with complexity, creating a vacuum for closed-door decisions to thrive,” said Thomas Farley, Chairman and CEO of Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, who will serve as the incoming CEO of Bullish upon the completion of the proposed business combination between Bullish and FPAC. “The Bullish exchange aims to drive value back to underlying asset providers and fundamentally enhance the market architecture of DeFi with the high performance of a CLOB. It’s the best of both worlds that opens up new opportunities for a new era of finance.”

The Bullish exchange leverages a private EOSIO-based blockchain in order to integrate the strategic advantages of blockchain’s inherent capabilities into the platform design, and achieve a new degree of security, transparency, and resiliency. Combined with WebAuthn standards, which eliminate many security vulnerabilities inherent with passwords by using public key cryptography, users will experience a password-free authentication environment, creating a more secure onboarding process and ongoing account access.

“Bullish was born from working backwards from our own desire to more effectively manage digital assets, and today we’re ready and excited to share these revolutionary tools with the public,” said Brendan Blumer, Chairman of Bullish.

Bullish previously announced its intention to go public on the NYSE through a business combination with FPAC. Subject to various approvals and conditions, the merger is anticipated to close in the first quarter of 2022. The Bullish exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission.

About Bullish

Focused on developing products and services for the digital assets sector, Bullish has rewired the traditional exchange to benefit asset holders, enable traders and increase market integrity. Supported by the group’s treasury, Bullish’s new breed of exchange combines deep liquidity, automated market making and industry-leading security to increase the accessibility of digital assets for traders. Bullish exchange is operated by Bullish (GI) Limited and is regulated by the Gibraltar Financial Services Commission (GFSC) (DLT license: FSC1038FSA). For more information, please visit bullish.com and follow Twitter and LinkedIn.

Forward-Looking Statements

This communication includes, and oral statements made from time to time by representatives of FPAC and Bullish Global may be considered, “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FPAC’s or Bullish’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. In addition, these forward-looking statements include, but are not limited to, statements regarding Bullish Global’s business strategy, cash resources, current and prospective product or services, as well as the potential market opportunity. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FPAC and its management, and Bullish Global and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements respecting the Business Combination; (2) the outcome of any legal proceedings that may be instituted against FPAC, Bullish or Bullish Global or others following the announcement of the Business Combination; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of FPAC or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (5) the ability of Bullish to meet applicable listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Bullish Global as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Bullish may be adversely affected by other economic, business and/or competitive factors; (11) the impact of COVID-19 on Bullish Global’s business and/or the ability of the parties to complete the Business Combination; and (12) other risks and uncertainties set forth in the section entitled “Risk Factors” in the Bullish Investor Presentation dated July 2021, in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the preliminary proxy statement/prospectus included in the registration statement on Form F-4 (the “Registration Statement”) filed by Bullish with the U.S. Securities and Exchange Commission (the “SEC”), in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in FPAC’s IPO Prospectus dated December 2, 2020 filed with the Securities and Exchange Commission on December 3, 2020, in the section entitled “Risk Factors” in FPAC’s most-recent Quarterly Report on Form 10-Q, as well as any further risks and uncertainties to be contained in any other material filed with the SEC by Bullish or FPAC. In addition, there may be additional risks that neither Far Peak or Bullish Global presently know, or that Far Peak or Bullish Global currently believe are immaterial, that could also cause…



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