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The Peter Thiel-supported crypto exchange Bullish, which serves as CoinDesk’s parent organization, has committed 250 Bitcoin—valued at approximately $19.2 million—to Mezo, a Bitcoin-centric financial platform aimed at institutional market participants.
A portion of Bullish’s institutional Bitcoin reserves will be allocated through Mezo Prime, Mezo’s enterprise offering, while Bullish is expected to maintain its existing custody arrangements and regulatory compliance framework.
The custody component is designed to address a key institutional concern: reluctance to use yield-generating products that require relinquishing asset custody. Mezo Prime was built to overcome that barrier.
Mezo Prime provides institutional participants with segregated Bitcoin storage vaults. Assets are kept completely isolated across different accounts, with each participant’s Bitcoin maintained separately from all others.
When participants commit their Bitcoin for specified time periods, they receive holdings that entitle them to a portion of generated interest, along with trading and bridging fees collected on the network.
These holdings can also be used as collateral for borrowing Mezo’s Bitcoin-backed stablecoin, which is pegged to the United States dollar.
Mezo Prime has become operational for customers of Anchorage Digital Bank, which provides cryptocurrency-focused banking infrastructure for institutional participants.
Mezo CEO Matt Luongo told Investing.com that the organization is negotiating with additional institutional investors.
“The way Mezo works, every new institution that deposits creates more protocol activity, which generates more fees for everyone in the system,” Luongo said. “The flywheel compounds.”
He added: “We built Prime so that the hundredth institution benefits from the first ninety-nine.”
Bullish entered public markets during a period of increased cryptocurrency sector listings. Other companies in that wave included eToro, stablecoin provider Circle, and Gemini, the trading platform founded by Tyler and Cameron Winklevoss, which completed its IPO in September.
Galaxy Digital also moved its listing to the Nasdaq from the Toronto Stock Exchange in May.
Bullish received initial funding from Thiel’s Founders Fund and Thiel Capital, with additional support from Nomura and Galaxy Digital founder Mike Novogratz. The equity is trading up approximately 1% year-to-date.
Mezo Prime has started operating for Anchorage Digital Bank customers, while Mezo continues discussions to onboard additional institutional participants.
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