Block.one, developer of EOS.IO protocol — a blockchain network for the EOS cryptocurrency — is making progress with Bullish, its cryptocurrency exchange subsidiary.
Bullish Limited announced Wednesday that it had been granted a distributed ledger technology licence from the Gibraltar Financial Services Commission.
This approval is a significant milestone in the launch of the exchange. Block.one plans to launch the exchange in May 2021.
Brendan Blumer, CEO of Block.one and chairman of Bullish, stated that Gibraltar is emerging to be a “leading Blockchain and Virtual Assets Hub” that can serve as a platform for crypto-focused businesses to “operate securely in compliance with industry best practice and operate securely.”
“Securing the license shows that Bullish is a trusted platform for institutional and retail users. Blumer stated that this license demonstrates our commitment to client compliance, client protection and industry-leading security before launching the exchange and continues our progress towards going online.
Block.one raised $10B earlier this year to launch a cryptocurrency exchange that uses the EOS public Blockchain. One of the most prominent Bullish investors is Mike Novogratz from Galaxy Digital, a billionaire hedge fund manager Alan Howard and Peter Thiel, a billionaire venture capitalist and co-founder of PayPal.
Related: Huobi Group moves to Gibraltar after China crackdown
Bullish is not yet live, but the company has ambitious plans. Bullish announced in July that the company would go public on New York Stock Exchange. The firm has a $9 billion debut valuation. The merger with Far Peak Acquisition, a special purpose acquisition company led by Thomas Farley (ex-NYSE president), will result in the firm’s public listing. Farley will be the company’s new CEO.
Recent developments in Gibraltar have seen a rise in crypto-related businesses. Huobi, the largest crypto exchange worldwide, relocated its spot-trading operations to Gibraltar following China’s exit.