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

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.