Robert Quinlivan, CEO of Bullish Gibraltar, highlights the exchange’s success as a top institutional digital assets exchange, emphasising its regulated and audited status under Gibraltar’s regulatory framework.
Since its launch in November 2021, the Bullish exchange has quickly earned distinction as a top institutional digital assets exchange, differentiated by its regulated and audited status. The exchange is regulated by the Gibraltar Financial Services Commission (GFSC) under its dedicated distributed ledger technology (DLT) regime and audited by Deloitte & Touche.
As a result of this institutional-calibre compliance framework and its robust customer safeguards, Bullish has achieved total trading volumes surpassing $250billion to date.
Bullish received a top five largest spot exchange ranking by Bitcoin and Ethereum volumes in Coin Metrics’ latest State of the Market report (p.6); as of 6 September 2023, Bullish was number four in BTC trading volume and number two in ETH trading volume based on the last seven days’ average.
Bullish has led the industry in cutting-edge technological innovation by integrating the high performance of a traditional central limit order book (CLOB) with deep liquidity from proprietary automated market maker (AMM) technology. This has enabled deeper and more reliable order books that operate independently from external price feeds and are tailored for institutions.
The Bullish proprietary order books combine Automated Market Making instructions (AMM Instructions) with standard bids and offers. This unique combination of a traditional exchange regulated in Gibraltar and decentralised exchange features allows for innovations such as the following:
- Deep, deterministic liquidity with predictable pricing and depth across market conditions
- Near-zero spreads and low transaction fees
- Customisable trading income generated from AMM Instructions
- High performance and transaction throughput
Bullish has established an office with a strong team on the ground in Gibraltar. It is supported by offshore affiliates.
At the time of its launch in November 2021, Bullish chairman Brendan Blumer explained: “As the world’s first jurisdiction to enact purpose-built legislation in support of DLT, we believe Gibraltar is becoming a leading blockchain and virtual assets hub, and that it can provide an environment for cryptocurrency-focused companies to operate securely and in compliance with industry best practices.”
In early 2021, when determining where the exchange would be based, the Bullish team conducted a detailed analysis of potential markets with sound regulatory frameworks. Gibraltar was ultimately selected, largely due to Gibraltar’s comprehensive regulatory framework which is focused on investor protection whilst encouraging innovation, making it an ideal home for the Bullish exchange.
In addition to its regulatory framework, Gibraltar is well-served by key support services, including legal, accounting, tax, and regulatory advisory. This ability to draw on skilled support and quality advisors was instrumental to Bullish’s decision to choose Gibraltar and has proved key to its ongoing operations.
In sum, from inception, Bullish was built to serve as an institutional-grade platform, prioritising compliance, audit and governance frameworks. In order to act as a regulated exchange from day one, Bullish obtained a DLT license prior to going to market. Bullish has since continued to build its product range and accessible markets with Gibraltar at the core of its strategy.
The global crypto landscape has experienced dramatic change of late. Bullish firmly believes its strategic decision to establish its regulated exchange in Gibraltar has paid dividends, as the exchange has been able to remain stable throughout volatility and disruption.
Gibraltar’s principles-based regulatory framework directly aligns with Bullish’s commitment to integrity, transparency and compliance. Bullish believes that by operating under Gibraltar’s sound investor protection focused regulatory framework they will achieve their overarching goal to restore confidence in the crypto industry.
Bullish aims to be regulated in all major financial markets that have strategic significance to its business and operations. This approach has been embraced by GFSC leaders who believe coordinated multi-jurisdictional regulation is in the best interest of the global crypto industry.
Bullish has been warmly received by Gibraltar. Since launch, Bullish has worked with HM Government of Gibraltar under the guidance of the Honourable Albert Isola MP, the Minister for Digital and Financial Services, as well as the GFSC, led by Kerry Blight. In fact, the GFSC has been adding staff due to the increased volume of work from new and existing applicants, including Bullish.
Most recently, Bullish has embarked on a new licensing phase as it seeks to expand its licensing permissions to allow for the trading of certain derivative products. The GFSC team has been supportive of this development and Bullish looks forward to continuing its role in developing the Gibraltar financial services landscape through sound innovation. Gibraltar remains central to the Bullish exchange’s approach to prioritizing regulation and innovation.