Gate.io’s Hippo Financial Obtains Hong Kong Crypto Custody License

by Abiodun Oladokun
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Gate.io's Hippo Financial Obtains Hong Kong Crypto Custody License

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Gate.io Group’s Hippo Financial Services has been granted a license to offer virtual asset custodial services in Hong Kong, according to a press release on Monday.

The move from Gate.io, which has an ecosystem that includes a cryptocurrency exchange, blockchain, decentralized finance and more, comes as the group is looking to expand globally and strengthen confidence in its operations. The license from the Registry for Trust and Company Service Providers follows a move into Malta in March, when its Gate Technology unit received a Virtual Financial Assets Service Provider license allowing it to operate an exchange and offer custodian services in the country.

“Establishing a custody business in Hong Kong is a global strategic milestone of Gate.io Group, 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 CEO Han Lin said in the release.

Gate.io’s exchange is currently based in the Cayman Islands after exiting China when the country unleashed its hard stance on crypto.

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