Block.one, the developer of the EOS.IO protocol, the blockchain network of the EOS cryptocurrency, continues to grow with a cryptocurrency exchange called Bullish.

Official price increase announced 10 that its subsidiary Bullish Limited has received a Distributed Ledger Technology license from the Gibraltar Financial Services Commission (GFSC).

Regulatory approval is an important milestone before the exchange is launched. Block.one announced that it would set up an exchange in May 2021.

Block.one CEO and Bullish President Brendan Blumer said Gibraltar is emerging as a “leading blockchain and virtual asset hub” that could provide a platform for crypto-focused companies to “work securely and adhere to industry best practices “.

“Securing this license signals that the Bullish Exchange is a platform that institutional and private users can trust. It also underscores our commitment to industry leading customer protection, compliance and security prior to going public and continues our progress towards operations, ”said Blumer.

Block.one raised $ 10 billion earlier this year to launch a public blockchain-based cryptocurrency exchange EOS. Prominent bullish investors include Mike Novogratz, CEO of Galaxy Digital, billionaire hedge fund manager Alan Howard, PayPal co-founder and billionaire venture capitalist Peter Thiel.

Related: The Huobi Group moves to Gibraltar following the Chinese approach

While Bullish hasn’t released yet, the company has some ambitious plans. In July, Bullish announced its intention to list the company’s shares on the New York Stock Exchange with an initial value of $ 9 billion. The company is scheduled to go public through a merger with the special purpose vehicle Far Peak Acquisition, which will be led by former NYSE President Thomas Farley, who will assume the position of CEO of the company.

Gibraltar has attracted more crypto companies lately, with Huobi, one of the world’s largest cryptocurrency exchanges, moving its spot business to Gibraltar after leaving China.