According to a press release, Hippo Financial Services, a subsidiary of the Gate.io Group, has been granted a license to provide virtual asset custodial services in Hong Kong. The news was made public on August 15th.
Gate.io has stated that it is now focusing on global expansion and increasing customer trust in its business operations. Several ecosystems, including cryptocurrency exchanges, decentralized finance, and blockchain technology, can be found on Gate.io.
Gate.io start operations in Hong kong
Following a move to Malta in March, when its Gate Technology unit was granted a license to operate an exchange and provide custodian services, the company applied for and was awarded a license from the Registry for Trust and Company Service Providers. This permit enables the company to continue operations in the country.
The successful operation of a custodial business in Hong Kong, according to Han Lin, the company’s Chief Executive Officer, is an essential milestone for the organization. Many cryptocurrency businesses and exchanges support Hong Kong’s regulatory framework. As a result, Gate.io’s delight at the license acceptance is unsurprising.
Token increases in value!
In related news, GateToken (GT), the native token of Gate.io, has dropped by 2.66% in the last 24 hours, bringing the token’s price down to $4.97. As a result, the value of GT versus bitcoin (BTC) fell by 0.60% at the time of this article.
Gate.io is one of the most established Chinese cryptocurrency exchanges. The company was established in 2013. Gate.io, on the other hand, relocated its headquarters to the Cayman Islands after China changed its stance on crypto assets. Over 180 crypto tokens and nearly 400 marketplaces are available through the platforms. Nonetheless, many users have expressed dissatisfaction with the platform’s lack of support for fiat currencies. However, the platform has low fees, which many investors appreciate.