Institutionally-focused crypto trading platform Bullish launches in 20 US states after obtaining BitLicense and money transmission license from New York regulator. Spot trading debuted with BitGo and Nonco as first institutional clients. Regulatory momentum in US encourages institutional adoption, with industry giants like Binance and Coinbase catering to US clients.

Bullish aims to attract various institutional players, offering low fees like 0% maker fees for institutional accounts and 0% trading fees for advanced individuals in approved US states. The platform plans to target hedge funds, proprietary trading firms, market makers, fintechs, and neobanks. Despite the news, Bullish shares fell 4.4% to $60.80 during Wednesday’s trading hours, but are up over 60% from its $37 IPO in mid-August, with a market cap of $9 billion.

Bullish now available in states like California, Florida, Arizona, Washington DC, and New York after receiving BitLicense from NYDFS. The platform has handled $1.5 trillion worth of trading volume internationally since late 2021 and ranks among the top 10 crypto exchanges by Bitcoin and Ether trading volume. Bullish combines a central limit order book strategy with a deterministic automated market maker for efficient trade execution.

Read more at Cointelegraph: Bullish Launches in 20 US States After Getting NYDFS BitLicense