The Bitmain-backed blockchain software developer is looking to launch a cryptocurrency exchange platform with $49m of funding from Cryptology Asset Group.

Blockchain-focused investment firm Cryptology Asset Group has invested $49m in Block.One, a US-based blockchain software developer backed by cryptocurrency mining technology provider Bitmain.

Founded in 2016, Block.One has developed Eos.io, an open-source software platform for building blockchain infrastructure. It recently formed a subsidiary called Bullish Global, which will focus on the launch of a new cryptocurrency exchange in 2021.

Bullish Global was established last month with $10bn of funding comprised of cash and digital assets supplied by Block.One and $300m…