Bullish, a cryptocurrency exchange owned by Block.one, announced on Tuesday that it has received a Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) ahead of its public launch.
The license was awarded to the local subsidiary Bullish (GI) Limited.
“Securing this license signals that the Bullish exchange is a platform that institutional and retail users can trust,” said Brendan Blumer, Chairman of Bullish. “It also underscores our commitment to client protection, compliance and industry-leading security ahead of launching the exchange, and continues our progress towards going live.”
The exchange was established earlier this year with $10 billion in funding sourced from investors like Peter Thiel, Alan Howard, Mike Novogratz and a few more. In addition, it concluded a 7-week long private pilot program conducted from July till September.
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The operator of the exchange even entered into a $9 billion deal for its merger with a black-check company, thus listing itself on the New York Stock Exchange. The deal between the two is anticipated to close in the fourth quarter of 2021 or by the first quarter of 2022.
Gibraltar, the Crypto Hub
Meanwhile, several cryptocurrency exchanges are moving their base to Gibraltar as the island is one of the few jurisdictions to recognize cryptocurrency firms. The global crypto exchange giant, Huobi recently started to migrate its spot trading clients under a Gibraltar-regulatory entity.
“As the world’s first jurisdiction to enact purpose-built legislation in support of DLT, we believe Gibraltar is becoming a leading blockchain and virtual assets hub, and that it can provide an environment for cryptocurrency-focused companies to operate securely and in compliance with industry best practices,” Blumer added.
“We believe Gibraltar’s commitment to a regulatory framework that fosters collaboration has spurred our industry forward and will enable wider adoption of digital assets.”