Bullish Provides $100 Million to USD.AI for AI Chip Financing

• BLSH
• CHIP

Cryptocurrency exchange Bullish (NYSE: $BLSH) is providing $100 million in funding to USD.AI (CRYPTO: $CHIP) to help finance the computers and chips used to power artificial intelligence.

The money will be provided through stablecoins and will allow USD.AI to offer loans backed by graphics processing units (GPUs), the company said in a Friday announcement.

USD.AI is a crypto platform that connects investors and lenders with companies looking to finance AI infrastructure. More than $225 million worth of crypto assets were locked in the protocol as of Friday, according to the companies.

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Bullish said it will also list USD.AI’s sUSDai token across several trading pairs on its exchange. The company plans to support trading in the token through a market-making program.

“Bullish recognizes that compute is becoming a credit market in its own right,” David Choi, CEO of Permian Labs, the company behind USD.AI, said. “Bullish is the right partner to scale this rapidly growing asset class onchain and broaden institutional participation,” Choi added.

The deal is part of a broader push to use blockchain technology to bring traditional assets and lending markets onchain.

In May, Bullish acquired shareholder services and transfer agent firm Equiniti for $4.2 billion, including $2.35 billion in Bullish stock and $1.85 billion in assumed debt. The deal gives Bullish traditional financial infrastructure as it expands into tokenized stocks.

The exchange has also applied to the U.S. Commodity Futures Trading Commission for approval to operate a regulated derivatives exchange and clearing organization. If approved, the move would allow the company to offer listed derivatives and provide clearing services in the U.S.

Bullish stock is currently trading at $33 U.S. per share, down 52% since the company went public last summer.

Source: finance.yahoo.com