Average daily volumes (ADV) at the Bullish cryptocurrency exchange in the second quarter of the year rose by about 212% to US$522 million, up from US$167 million in the first quarter, according to a business update released on July 26. The exchange is operated by Bullish (GI) Limited.
- Total trading fees and spreads earned in the second quarter increased by about 237 percent to US$64 million, up from US$19 million in the first quarter, according to a statement from the Cayman Islands-based cryptocurrency exchange.
- The ADV in June was $857 million, with fees and spreads totaling $37 million.
- A total of US$80 billion has been traded on the exchange since it was launched in July.
- Bullish reportedly laid off less than 30 employees earlier this month — or roughly 8% of a total of about 395 employees — joining a growing list of companies looking to cut costs, including Coinbase and Gemini.
- Bullish is also hiring for “product, engineering, and other strategic roles.”
- According to the company, Bullish has also announced proprietary range-bound liquidity pool technology on the platform, which allows capital within a liquidity pool to be condensed into a range closer to the current market price.