Bullish Expands Its Crypto Trading Services Across 20 US States After New York Approval
Bullish has launched its crypto trading services in 20 US states following the approval of necessary licenses from New York regulators.
Bullish, known for its institutional-grade crypto trading services, has officially launched its platform across 20 US states following the acquisition of a BitLicense and a money transmission license approved by New York’s financial regulator last month.
Now operational in significant markets like California, Florida, Arizona, Washington, DC, and New York, Bullish initiated its services with its first clients, the crypto infrastructure company BitGo and crypto brokerage Nonco. The firm indicated this news through a statement on its website.
The BitLicense, a regulatory requirement in New York for companies that deal with virtual currencies, can be challenging to obtain, signifying a noteworthy achievement for Bullish. This expansion arrives amidst a favorable regulatory environment promoted by the Trump administration aimed at enhancing institutional engagement within the US market.
To address growing demand, other leading names in the industry such as Binance, Coinbase, and payment service Stripe are also implementing ‘crypto-as-a-service’ solutions and stablecoin offerings for institutional clientele in the US.
Since its launch in late 2021, Bullish has managed a trading volume nearing $1.5 trillion globally. Despite its recent entry into the largest market, it claims to rank among the top ten crypto exchanges based on trading volume for Bitcoin (BTC) and Ether (ETH).
Bullish combines a central limit order book strategy with a deterministic automated market maker to deliver robust liquidity and efficient order execution, as stated by President Chris Tyrer.
The firm aims to attract a diverse array of institutional clients, from hedge funds to fintech firms and neobanks, by offering competitive trading fees, including 0% maker fees for institutional accounts and no trading fees for advanced users within its operational states.
In a statement, Bullish expressed commitment to institutional traders, declaring, “Bullish was created for institutions, and now we’re proud to offer the same level of performance to serious traders across the US.”
Despite this positive news, Bullish’s shares fell by 4.4%, closing at $60.80 during Wednesday’s trading session, although they still show an increase of over 60% from its IPO price of $37 earlier in August. Bullish’s market capitalization currently stands at $9 billion.
Share Price Movement
BLSH’s share price fluctuation on Wednesday. Source: Google Finance
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