Gibraltar Blockchain Exchange Raises $27M In ICO

Blockchain, ICO News | February 14, 2018 By:

The Gibraltar Blockchain Exchange (GBX) has raised $27 million in its initial coin offerring (ICO), which closed on February 8.

Originally set to run until February 14, the GBX ICO concluded at 12:00 (UTC) on February 8 after reaching its hard cap of $27 million. Of the 60 million Rock Tokens (RKT) distributed during the public ICO, GBX distributed 35 million to whitelisted registrants, while 25 million RKT were distributed by the GBX strategic partner, Japanese crypto exchange QUOINE,.

GBX is a subsidiary of the Gibraltar Stock Exchange (GSX), which operates a European Union regulated market, the Main Market, and the self-regulated Multilateral Trading Facility (MTF), the Global Market. GBX plans to create a marketplace where issuers, traders, and stakeholders can participate. It aims to be one of the world’s first licensed and regulated token sale platforms and digital asset exchanges that is operated by an EU-regulated stock exchange.

RKT will serve as the primary medium of exchange for all trading on the GBX platform, while offering a range of additional functionalities within the GBX ecosystem. RKT will be usable for paying trading fees; listing and payment of sponsor fees; for issuer and sponsor staking; payment for business services such as corporate and fund services. It will also constitute grants and prizes at the Blockchain Innovation Centre (BIC).

Nick Cowan, CEO of the Gibraltar Blockchain Exchange, said the capital raised during the ICO will ensure that they are adequately resourced to further develop the GBX trading platform and the broader GBX ecosystem. He added that all funds received will go towards making their overall goal of laying the foundation for the global expansion of a regulated cryptocurrency market a reality.

“With the full support of our community, following the completion of our token sale, we at GBX are ready to continue our work towards the introduction of a rules-based systems and higher industry standards to the blockchain sector,” said Cowan. “I am pleased to report that everything we have set out to achieve has so far been completed ahead of schedule. We are dedicated to continue doing everything we can to repay the faith and trust our community have placed in us.