The tiny British overseas territory of Gibraltar is set to dominate the blockchain space around the world. After the authorities in Gibraltar put into effect the new regulatory framework for the blockchain firms, today, Gibraltar’s homegrown cryptocurrency exchange, Gibraltar Blockchain Exchange (GBX), has announced its public token sale event.
The sale will start on 7 February 2018 and end on 14 February 2018.
GBX will issue 60 million of the tokens, called Rock Tokens (RKT), which is equivalent to $6 million USD. The exchange also concluded its pre-sale in December. The pre-sale was oversubscribed, with 210 million RKT already sold, amounting to $21 million USD.
New era of trust
Commenting on this token sale, Nick Cowan, CEO of the Gibraltar Blockchain Exchange, said: “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 decentralisation 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.”
“We’re very excited to share the Rock Token with the world. Everyone at the GBX is fully committed to blockchain technology and its potential to change the way that people build their own projects. We invite you to join us on our journey and to join the community we’re building,” added Mr. Cowan.
Similar to most of issued tokens, RKT will be ERC-20 compliant, as they are issued on the Ethereum blockchain.
The tokens can be used by cliets to: get early access to new token sales; to pay trading fees; to list and pay of sponsorship fees; for issuer and sponsor staking; for grants and prizes at the Blockchain Innovation Centre; as payment for business services such as corporate and fund services; and for e-money services.
“The sale of RKT in tandem with a widespread user-base will help the GBX achieve its intention of becoming a world-leading, institutional-grade token sale platform and cryptocurrency exchange. To see such overwhelming support for our project already in our successful presale period is both inspiring and humbling. The GBX is working to lay the foundation for the global expansion of a regulated cryptocurrency market with all proceeds raised in our token sale event helping further this vision and make it a reality,” concluded Mr. Cowan.
Leads the way
Gibraltar became the first jurisdiction in the world to regulate the blockchain industry. The Gibraltar Financial Services Commission put into effect a new set of rules on the 1st of January, and now firms working with distributed ledger technology can get a license provided they adhere to nine rules. This is a huge advance for the region as well as for the blockchain sector, as the presence of regulatory rules assures the future existence of the firms. These firms can also issue ICOs on this regulated market.
Just days after Gibraltar began its new system, the Royal Bank of Scotland informed Gibraltar International Bank that it will no longer process its transactions if they are connected with cryptocurrency firms.
With Brexit hanging on in the air, Gibraltar will surely see an influx of British blockchain firms, which will definitely benefit exchanges like GBX.