The pilot will use simulated crypto assets and paper money to give invited investors a sample of Bullish's trading interface.
The Block.one subsidiary is set to go public via a SPAC merger this year.
Bullish is a proposed crypto exchange seeking a $9 billion SPAC debut. Its design could benefit the founders at the expense of users.
The deal is expected to be completed by the end of 2021.
Publicly traded Cryptology was already one of Block.one's largest backers. It now has a holding of about 4.9%.
The news comes just a month after the announcement of Bullish's launch.
As economic confusion gains ground, NLW breaks down what in the recent news is bullish and what is bearish for bitcoin and the crypto community.
The world’s second largest cryptocurrency by market capitalization has seen a stronger showing from the bulls after rising 36.77 percent in February so far.