A cryptocurrency company is poised to buy the Gibraltar Stock Exchange, GXS.
Valereum Blockchain, a Gibraltar-based Blockchain technology group, has agreed to acquire 80 per cent of the GSX.
Valereum claims that if it is given permission by regulators, it will establish the first fully regulated digital and fiat exchange in the world, where investors can buy securities using bitcoin and ethereum.
Richard Poulden (chairman of Valereum) said that Gibraltar is the best place to host this first global integrated exchange because it uses the English language and has a strong regulatory environment in line with European standards.
“This is an exciting opportunity for investors because they will now be able to use crypto to invest fiat securities in a fully regulated setting for the first time.”
Price and other crucial information have not been revealed. Valereum stated in a statement that the price was not disclosed.
Mr Poulden of Valereum said that this deal is the next step in the evolution digital assets becoming internationally accepted and tradeable.
It brings crypto closer to mainstream and allows it to be used in transactions that involve other asset classes.
GSX will encourage digital assets of the next generation to view Gibraltar in digital trade as a virtual hub, just as The Rock of Gibraltar was a physical port for centuries.
“In the future, we will seek international listing for GSX as we consider this a compelling investment proposition.”
The Global Stock Exchange Group, the current owner of the GSX, will keep a 20% stake in the GSX if the deal goes through.
Nick Cowan, chief executive officer of the GSX Group and the GSX Group said that GSX has become an attractive destination for high-quality issuers. He added, “We have admitted almost 2,500 securities to date, totalling nearly $5 billion in value.
“We are pleased that Valereum has offered to purchase an 80 per cent stake in the GSX, and look forward to contributing to Valereum’s goals.”
Ollie Leech (CoinDesk Learn Editor), spoke to This is Money. He said that “Gibraltar” has already been established as a financial hub and is also widely considered a “jurisdiction choice” for crypto-based companies.
‘If Valereum Blockchain is approved by the GFSC for the purchase of the Gibraltar Stock Exchange it would be a significant moment in the history of the digital asset market.
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