- Gate.io Group’s Hippo Financial Services has been granted a license to offer virtual asset custodial services in Hong Kong.
- The recent move by Gate.io is in an effort to expand globally and strengthen confidence in its operations.
- The price Gate.io’s native token, GateToken (GT), dipped 2.66% over the past 24 hours.
According to a press release, Gate.io Group’s Hippo Financial Services has been granted a license to offer virtual asset custodial services in Hong Kong. The announcement was released on August 15.
The recent move by Gate.io is in an effort to expand globally and strengthen confidence in its operations. The license that Hippo Financial Services has received from the Registry for Trust and Company Service Providers follows a move into Malta in March, when its technology unit, Gate Technology, received a Virtual Financial Assets Service Provider license.
The Virtual Financial Assets Service Provider License allows it to operate an exchange and offer custodian services in the country. According to the CEO of Gate.io, Han Lin, “Establishing a custody business in Hong Kong is a global strategic milestone for Gate.io Group.” He further stated
(it is) not only because Hong Kong is the hub for many financial institutions and investors, but more importantly, the industry-leading regulatory regime of Hong Kong provides additional confidence for investors that place assets in Hippo FS’s custody.
Gate.io was left with no choice but to move its headquarters to the Cayman Islands after China imposed its hard stance on crypto and crypto service providers.
In related news, the price of GateToken (GT), the native token of Gate.io, is down 2.66% over the past 24 hours – taking its price down to $4.97. As a result, GT has also weakened against bitcoin (BTC) by 0.60% at the time of writing.
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