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

The parent company is expanding globally.

AccessTimeIconAug 15, 2022 at 8:58 a.m. UTC
Updated Mar 6, 2023 at 6:11 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Gate.io'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.

Gate.io has a cryptocurrency exchange, blockchain, decentralized finance platform and more and is looking to expand globally. It started operating in Malta in March after its technology unit received a licenses as a virtual financial assets service provider, 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 now based in the Cayman Islands. It left China after that country cracked down on crypto.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.