Focused on institutions, in 20 U.S. states after obtaining BitLicense and money transmission license from the New York State Department of Financial Services last month.
Bullish announced on Wednesday that it has started spot trading with two institutional clients on its first day: BitGo, a cryptocurrency infrastructure company, and Nonco, a cryptocurrency brokerage.
Some of the largest states where trading on Bullish is now available include California, Florida, Arizona, Washington D.C., and New York, where the New York Department of Financial Services approved Bullish's BitLicense and money transmitter license.
A BitLicense is required to transfer, hold, or issue a "virtual currency" in New York, and it is considered one of the most difficult licenses to obtain.
This move coincides with strong regulatory momentum from the Trump administration that was pushing for institutional adoption in the United States.
To meet the demand, many leading companies in the industry, including Binance and Coinbase, along with the online payment platform Stripe, have launched cryptocurrency offerings as a service and stablecoins to meet the needs of institutional clients in the United States.
Bullish has handled nearly $1.5 trillion in international trading volume since its launch in late 2021, despite not being present in the world's largest market yet. It claims to be one of the top 10 cryptocurrency trading platforms by Bitcoin trading volume.
Chris Tyre, CEO of Polish, stated that it combines a limited central order book strategy with a deterministic automated market maker to provide deep, stable liquidity and efficient trade execution.
Polish targets a wide range of institutional clients
Polish added that it aims to attract a range of active institutions, including hedge funds, private trading firms, market makers, fintech companies, and digital banks.