Block.one’s crypto exchange Bullish gets approval from Gibraltar regulators

The blockchain developer Block.one, also known for developing EOS cryptocurrency and EOS.IO protocol, continues its progress with its new crypto exchange subsidiary Bullish.

On Wednesday, the company’s subsidiary officially announced on Twitter that Gibraltar Financial Services Commission (GFSC) has finally approved the distributed ledger technology license for its branch Bullish Limited.

Block.one announced in May 2021 about its plans on bringing its own exchange. Amidst tight regulatory pressure on various exchanges, regulatory approval is a major milestone for the company ahead of its exchange’s launch.

Brendan Blumer, the CEO of Block.one and the chairman of Bullish, said that the regulatory body Gibraltar has become a “leading blockchain and digital assets hub” that has the capability to build a solid foundation for crypto-focused companies for a secure operation under the compliance with industry’s best practices. Gibraltar has been in headlines today itself when TheCoinRise reported about Houbi chosing it over Seychelles.

He added:

“Securing this license signals that the Bullish exchange is a platform that institutional and retail users can trust. 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.”

Big market players are eyeing the Bullish’s potential

Earlier this year, the company raised a major $10 billion fund for the launch of the crypto exchange on the EOS public blockchain. Many big market players are seeing the potential of Bullish. Galaxy Digital CEO Mike Novogratz, PayPal co-founder, and billionaire venture capitalist Peter Thiel, and hedge fund manager Alan Howard are among them.

The company has already planned many ambitious projects before the launch of the exchange. In July, the exchange announced that the company was planning to go public on the New York Stock Exchange with a valuation of $9 billion. Bullish is gearing up for the public listing through a merger with Far Peak Acquisition, the special purpose acquisition company led by former president of NYSE, Thomas Farley.