Cryptocurrency exchange Bullish refuses to merge with Far Peak Acquisition

Last year, cryptocurrency exchange Bullish announced plans to merge with Far Peak Acquisition. In a new press release, representatives of the platform spoke about the changed plans. A company associated with ESO and Block.one has decided to cancel this deal.

The US Securities and Exchange Commission's efforts to create a new framework for digital assets and clear up industry-specific disclosure and accounting complexities were cited as one of the main reasons.

Block.one CEO Brendan Bloomer commented on the situation and said that Bullish employees were able to bring the exchange to the highest standards of transparency and accountability. Bloomer said that this approach helped to improve the functionality of not only Bullish themselves, but also Block.one.

Plans to merge Bullish with SPAC Far Peak Acquisition became known in July 2021. Thus, the exchange wanted to enter the New York Stock Exchange, bypassing the procedure for the initial public offering on the exchange. If this were to materialize, the value of the combined companies would be about $9,000,000,000.

The parties initially agreed on the possibility of terminating it if it is not brought to a victorious end by December 31, 2022. Thus, the companies had a week left before the deadline and they decided to cancel the merger. In addition, apparently, things are not going as smoothly for the cryptocurrency exchange as we would like, since in July 2022 the company left 10% of its staff unemployed.

In November last year, the full launch of the Bullish platform took place. The company received support from Block.one, who invested about $10,000,000,000 in it. In addition to Block.one themselves, companies such as Thiel Capital, Founders, Galaxy Digital, Nomura, and others have made contributions to Bullish.

Bullish launched in November 2021. Block.one invested $10 billion in the platform. The exchange was also supported by Thiel Capital and Peter Thiel's Founders, Galaxy Digital, Nomura, billionaire Alan Howard and others.