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GBX secures DLT Provider License

Gibraltar Blockchain Exchange (GBX) Secures DLT Provider License

Reading Time: 2 minutes by on November 25, 2018 Blockchain, Business, Finance, News, Tech
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Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange Group (GSX Group)  that claims to be aiming to be a world-leading institutional-grade token sale platform and cryptoassets exchange, has announced it has successfully obtained the Gibraltar distributed ledger technology (DLT) provider license from the nation’s Financial Services Commission (GFSC), reported Finextra on November 22, 2018.

An Excellent Achievement

Per sources close to the matter, Gibraltar Blockchain Exchange (GBX), a leading institutional-grade token sale platform and cryptoassets exchange have secured a full distributed ledger technology (DLT) provider license from the nation’s financial regulator, the Gibraltar Financial Services Commission (GFSC).

With the new milestone reached, the Gibraltar Stock Exchange (GSX) has become the first ever stock exchange to own a regulated crypto exchange.

Launched in February 2018, via an initial coin offering (ICO) that reportedly raised $27 million, GBX which officially commenced operation in July 2018 supports multiple U.S. dollar trading pairs and allows credible ICO projects to organize their fundraising events on its platform.

The GBX crypto exchange also supports some established digital assets like bitcoin, ether, bitcoin cash and a few others.

Commenting on the licensure, the CEO of Gibraltar Blockchain Exchange, Nick Cowan said that securing the highly coveted Gibraltar DLT license proves that it’s tireless efforts towards transforming GBX into a global state-of-the-art cryptoassets exchange hasn’t been a futile one.

“Today’s announcement renews our ambition to create a world-leading, institutional-grade ICO token sale platform and digital asset exchange,” he said, adding “we look forward to building on this new wave of momentum following our complete public launch in July 2018.”

The Journey So Far

Since opening its doors to the public earlier this year, GBX has been making significant progress in the cryptospace, listing several bitcoin-linked businesses and exchanges onto its platform, including Coinfloor,  a UK-based exchange-backed peer-to-peer marketplace for bitcoin, Covesting, the first cryptocurrency startup to obtain the GFSC blockchain license and CrowdVilla.

“Gibraltar has formulated the right blend of sensible and amenable regulation, which has helped establish the country as a lodestar for the global cryptospace, while also allowing DLT-based firms to flourish,” declared Cowan.

Since implementing a robust legal framework for its cryptocurrency and blockchain technology ecosystem earlier in the year, the crypto-friendly state has not looked back.

At present, the GFSC has granted several credible blockchain-based businesses its license, including Covesting,  with some other firms awaiting approval.

As reported by BTCManager in October, the government of Gibraltar created the New Technologies in Education (NTiE) Advisory Group focused on nurturing blockchain talents in the state.  

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