Gibraltar Blockchain Exchange (GBX), a subsidiary of the crypto-friendly Gibraltar Stock Exchange, plans to launch its own initial coin offering (ICO), raising $6 million from the sale of up to 60 million “Rock Tokens.” The offering will begin on February 7 and close on February 14. This ICO is a follow-up on the company’s successful presale of 210 million Rock Tokens behind closed doors in December 2017 that raised $21 million.
The name “Rock Token” is derived from the British territory’s iconic landmark, the Rock of Gibraltar. The Rock Tokens issued by GBX will be used primarily as a medium of exchange on the GBX token exchange platform. They will also be used for early access to designated token sales, for listing and sponsorship fees, as grants from the Blockchain Initiative Center, and as payment for any services rendered by GBX related to token sales or listings. GBX intends to use the proceeds from the Rock Token sales to further develop its trading platform and fintech ecosystem.
The GBX platform was first launched in 2014. Its aim is to become one of the first fully licensed and regulated cryptocurrency exchanges in the European Union. GBX will also benefit from the new Gibraltar Distributed Ledger Technology Regulatory Framework that came into effect on January 1, which regulates any distributed ledger project used to transmit or store value belonging to others and not regulated under another financial services framework. Now, tokens traded under the platform must have satisfied a strict due diligence and admissions process, setting a high standard for token issuance within the industry.
Nick Cowan, Gibraltar’s Minister for Financial Services and CEO of both GBX and the Gibraltar Stock Exchange, said in a statement:
“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. 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.”
What is Gibraltar Blockchain Exchange (GBX)?
Gibraltar Blockchain Exchange is a token exchange that makes many of the same promises as other exchanges available today. GBX describes itself as “a world-leading institutional grade token sale platform”, for example, “built upon principles of decentralisation and community consensus.”
GBX describes itself as “a crypto exchange unlike any other. It’s actually a subsidiary of the Gibraltar Stock Exchange, an EU-regulated stock exchange. That exchange – Gibraltar’s first stock exchange – launched in 2015. Earlier this year, the stock exchange announced plans to use blockchain for a payment and settlement system. Now, they’re planning to launch their own cryptocurrency exchange.
The company introduced its new Gibraltar Blockchain Exchange to the world in August 2017. Over the past few months, the company has been participating in blockchain conferences worldwide.
How Does Gibraltar Blockchain Exchange Work?
Obviously, there are already a number of cryptocurrency exchanges on the market today. Why do we need yet another exchange?
Gibraltar Blockchain Exchange aims to create a system that’s catered more to traditional investors. Gibraltar Blockchain Exchange will create a cryptocurrency exchange that functions like a stock exchange. Instead of listing any coins, for example, GBX’s team will actively vet new coins to ensure the safety of investors. The ultimate goal is “to create a harbor for investors who are too nervous to brave the uncharted waters of the crypto markets.”
Basically, the unique selling feature of Gibraltar Blockchain Exchange is that it will analyze new coins before adding them to the platform. A group called the GBX Alliance must form a consensus about each token before having it listed on the platform.
Other key features include diligent whitelisting procedures and an innovative sponsor staking regime. The investor pool will consist exclusively of KYC/AML cleared investors. Overall, this makes the platform “the future of cryptocurrency trading”.
The ecosystem revolves around an in-platform currency called the Rock Token, or RKT.
How Does GBX’s RockToken Work?
The Rock Token, or RKT, is the currency of choice for transactions, listings, and other functions on the platform. It’s the medium of exchange and the utility coin that powers the GBX/GSX ecosystem.
Key features and functions of the coin include:
- Pay for membership and governance within the Gibraltar Blockchain Exchange
- Pay for listings, sponsorships, and fees on the exchange
- Access banking services, including an order book for trading and secure offline custodianship
- Vote on certain community developments
Gibraltar Blockchain Exchange RockToken ICO
Gibraltar Blockchain Exchange has not yet launched a date for its RockToken (RKT) ICO. However, the company just announced itself to the world on November 30, 2017, so it’s still early.
Stay tuned for more information about the official launch of the RockToken ICO.
Who’s Behind Gibraltar Blockchain Exchange?
Gibraltar Blockchain Exchange is a financial services company based in Gibraltar, a dependent territory of the United Kingdom.
Key members of the team include Nick Cowan (CEO of GSX Group and GBX). He founded GSX and has 35+ years of senior management experience in capital markets, including Bear Stearns and ING Bank.
Other key members of the team include Philip Young (Group Marketing Director), William Rawley (Group Legal Counsel), and Adrian Hogg (Group Chief Financial Officer).
Gibraltar Blockchain Exchange’s website lists partners like Kenetic Capital, PWC, BlockchainWorx, and Blockchain Lab.
What is the Gibraltar Stock Exchange?
The Gibraltar Blockchain Exchange is called the GBX, but the Gibraltar Stock Exchange is called the GSX. That stock exchange was established in 2014 and began full operations in Q1 2015. It’s the first fully licensed exchange in Gibraltar.
With the Gibraltar Blockchain Exchange, the platform seeks to expand to offer a curated selection of cryptocurrencies and digital coins. At the same time, the stock exchange will “fully integrate” blockchain into tits trading and settlement systems – so clearly, the stock exchange plans to embrace cryptocurrencies and blokchain technology overall.
Gibraltar Blockchain Exchange Conclusion
Gibraltar Stock Exchange, or GSE, is Gibraltar’s first stock exchange. Earlier this year, the company announced plans to migrate its trading and settlement system onto the blockchain. Later, the company announced the launch of the Gibraltar Blockchain Exchange (GBX), a separate trading platform for cryptocurrencies.