Gibraltar Blockchain Exchange Sets ICObr>
The Gibraltar Blockchain Exchange (GBX) will hold a public initial coin offering (ICO) on February 7, which will run until February 14. The public ICO follows a successful pre-sale last month in which GBX raised over $21 million USD.
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.
Approximately 60 million Rock Tokens (RKT), equivalent to $6 million USD in total, will be issued during the public ICO. The ERC-20 compliant utility token will function primarily as a medium of exchange for trades on the GBX platform, as well as offering a range of functionalities within the GBX ecosystem. Proceeds from the token sale will be used to further develop the GBX trading platform and facilitate the further expansion of the full GBX FinTech ecosystem.
A regulatory framework for companies using distributed ledger technology (DLT) went into effect in Gibraltar on January 1. Companies in or from the jurisdiction that use DLT to store or transmit value belonging to others, and whose activities are not regulated under another financial services framework, will be regulated in Gibraltar. The scope of these regulations will encompass firms using blockchain technology, including the GBX.
GBX CEO Nick Cowan said the company plans to set a higher standard for token issuance and trading for the benefit of all market participants.
“The introduction of rules-based systems is necessary if the blockchain sector is to reach maturity and if actors are to be assured of market stability,” said Cowan. “Based upon principles of decentralization and community consensus, the GBX seeks to create a new era of trust, openness, and global acceptance for the crypto industry, one quality token listing at a time.”