Block.one, the developer of the EOS.IO protocol — the blockchain network of the

EOS

$1.06

cryptocurrency — continues progressing with its cryptocurrency exchange subsidiary known as Bullish.

Bullish officially announced on Wednesday that its branch, Bullish Limited, obtained a distributed ledger technology license from the Gibraltar Financial Services Commission (GFSC).

The regulatory approval marks a major milestone ahead of the exchange’s launch. Block.one announced plans to build the exchange in May 2021.

Block.one CEO and Bullish chairman Brendan Blumer said that Gibraltar is emerging as a “leading blockchain and virtual assets hub” that can provide a foundation for crypto-focused companies to “operate securely and in compliance with industry best practices.”

“Securing this license signals that the Bullish exchange is a platform that institutional and retail users can trust. It also underscores our commitment to client protection, compliance and industry-leading security ahead of launching the exchange, and continues our progress towards going live,” Blumer noted.

Block.one raised $10 billion earlier this year in order to launch a crypto exchange based on the EOS public blockchain. Some prominent Bullish investors include Galaxy Digital CEO Mike Novogratz, billionaire hedge fund manager Alan Howard, and PayPal co-founder and billionaire venture capitalist Peter Thiel.

Related: Huobi Group is moving to Gibraltar following China crackdown

Despite Bullish not going live yet, the company already has some ambitious plans. In July, Bullish reportedly announced the firm’s intention to go public on the New York Stock Exchange with a debut valuation of $9 billion. The firm is set for a public listing through a merger with the special purpose acquisition company Far Peak Acquisition led by former NYSE president Thomas Farley, who will take over as the company’s CEO.

Gibraltar has been attracting more crypto businesses recently, with Huobi, one of the world’s largest crypto exchanges, relocating its spot-trading business to Gibraltar after exiting China.