Bullish Global, a cryptocurrency exchange venture sponsored by billionaires such as Peter Thiel, has begun a confidential test of its much-anticipated trading network as Wall Street becomes interested in decentralized finance.
Bullish, which is said to be worth $9 billion, started a seven-week private experiment of its platform on Tuesday, ahead of a larger launch later this year.
According to a Tuesday statement, the pilot will employ simulated crypto assets and fiat money to offer invited investors a taste of Bullish’s trading interface.
Bullish is giving away $525,000 in cash rewards to players in simulated cryptocurrency trading activities.
Bullish is one of the most elevated initiatives investigating decentralized finance, or DeFi, which intends to eliminate conventional market middlemen such as exchanges and lenders and allow buyers and sellers to interact directly.
DeFi has developed significantly this year, with more than $65 billion in total value locked in the market, up from around $16 billion at the start of the year.
Bullish was announced in May with more than $10 billion in cash and digital assets supporting it. It is scheduled to go public by the end of the year alongside special purpose acquisition firm Far Peak Acquisition. It got an additional $75 million from SoftBank’s investment arm, SB Northstar, earlier this month.