Cake.ane, the developer of the EOS.IO protocol — the blockchain network of the EOS cryptocurrency — continues progressing with its cryptocurrency exchange subsidiary known as Bullish.

Bullish officially announced on Wednesday that its co-operative, Bullish Express, obtained a distributed ledger technology license from the Gibraltar Financial Services Committee (GFSC).

The regulatory approval marks a major milestone ahead of the exchange'due south launch. Block.1 announced plans to build the exchange in May 2022.

Cake.one CEO and Bullish chairman Brendan Blumer said that Gibraltar is emerging as a "leading blockchain and virtual assets hub" that tin 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 tin trust. It also underscores our commitment to client protection, compliance and manufacture-leading security ahead of launching the exchange, and continues our progress towards going live," Blumer noted.

Block.ane raised $10 billion before this year in order to launch a crypto substitution 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 post-obit China crackdown

Despite Bullish not going live notwithstanding, 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 house is set for a public listing through a merger with the special purpose acquisition company Far Pinnacle Acquisition led past former NYSE president Thomas Farley, who will take over equally the visitor's CEO.

Gibraltar has been attracting more than crypto businesses recently, with Huobi, i of the world'due south largest crypto exchanges, relocating its spot-trading business organization to Gibraltar subsequently exiting Communist china.