The Gibraltar Blockchain Exchange Raises $27 Million in Token Sale to Lead the Introduction of New Blockchain Sector Best Practices

The Gibraltar Blockchain Exchange Raises $27 Million in Token Sale to Lead the Introduction of New Blockchain Sector Best Practices

PR Newswire

GIBRALTAR, February 9, 2018

GIBRALTAR, February 9, 2018 /PRNewswire/ --

The token sale for the Gibraltar Stock Exchange subsidiary closes six days ahead of schedule

The Gibraltar Blockchain Exchange (GBX), which aims to be a world-leading institutional-grade token sale platform and cryptocurrency exchange, has announced the completion of its token sale, which saw the issuance of their Rock Token (RKT). Originally set to run until February 14, 2018 the GBX token sale began on 7 February at 12:00:00 (UTC) and, having successfully reached its hard cap of US $27 million, concluded at 12:00 (UTC) on 8 February.

"The level of support which we have received since the official launch of the GBX in 2017 and the initiation of our token sale is invigorating and inspiring. We are extremely grateful for all of our community members who support and reaffirm our belief that the introduction of a rules-based systems is necessary for the blockchain sector to reach maturity. The success of the GBX token sale shows our community's commitment to our overall vision and our belief in blockchain technology's potential to change the world," said Nick Cowan, CEO of the Gibraltar Blockchain Exchange.

The GBX token sale closed on 8 February 2018, with a total of 258.56 million RKT, representing US $21 million, distributed in the GBX pre-sale which concluded in December 2017, and 60 million RKT made available in the public token sale, representing US $6 million. Of the 60 million RKT distributed during the public token sale, GBX distributed 35 million to whitelisted registrants, while 25 million RKT were distributed by GBX strategic partner, QUOINE, a world-leading Japanese-based crypto exchange. All registered contributors were subject to strict KYC procedures ahead of the event.

A subsidiary of the Gibraltar Stock Exchange (GSX), the GBX was officially launched in October 2017, and aims to be one of the world's first licensed and regulated token sale platform and digital asset exchanges that is operated by a European Union (EU) regulated stock exchange. The GBX is expected to be a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process, as well as a leading digital asset exchange. The GBX is therefore working towards establishing a higher industry standard for token issuance and trading, to facilitate the maturation of the blockchain sector and greater levels of security for all market participants.

"The capital raised during the GBX token sale will ensure that we are adequately resourced to further develop the GBX trading platform and the broader GBX ecosystem, which will be based upon the principles of decentralisation and community consensus, as we enter into 2018. All funds received will go towards making our overall goal of laying the foundation for the global expansion of a regulated cryptocurrency market a reality," added Cowan.

RKT are an ERC-20 compliant utility token issued on the Ethereum blockchain. RKT will serve as the primary medium of exchange for all trading upon the GBX platform, while offering a range of additional functionalities within the GBX ecosystem. RKT will be usable for paying trading fees; listing and payment of sponsor fees; for issuer and sponsor staking; payment for business services such as corporate and fund services, as well as e-money services; and will constitute grants and prizes at the Blockchain Innovation Centre (BIC). RKT will also grant token holders early access to new token sales hosted on the GBX platform.

Proceeds from the GBX Token Sale Event have been earmarked primarily to facilitate the expansion of the GBX ecosystem and further develop the GBX trading platform. The GBX aims to develop the capacity to be able to support projects at any stage of their development covering all of their business service needs, while serving as a centre of excellence for token and digital asset exchange best practices.

The GBX will operate in full compliance with, and benefit from, Gibraltar's jurisdictional Distributed Ledger Technology Regulatory Framework (DLTRF) - which came into effect on January 1, 2018. The DLTRF will ensure that firms operating in Gibraltar that use distributed ledger technology (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. These regulations will therefore encompass all companies using blockchain technology within the jurisdiction, including the GBX.

"With the full support of our community, following the completion of our token sale, we at GBX are ready to continue our work towards the introduction of a rules-based systems and higher industry standards to the blockchain sector. I am pleased to report that everything we have set out to achieve has so far been completed ahead of schedule. We are dedicated to continue doing everything we can to repay the faith and trust our community have placed in us. We are ready for and excited about everything the future may bring." concluded Cowan.

For more information, please visit: https://gbx.gi/

CEO of the Gibraltar Blockchain Exchange, Nick Cowan, is available for interview 

About the GBX 

As a subsidiary of the Gibraltar Stock Exchange (GSX), the GBX aims to be the world's first licensed and regulated token sale platform and digital asset exchange that is operated by a European Union (EU) regulated stock exchange. The GBX is expected to be a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process as well as a high-quality digital asset exchange. In this regard, the GBX intends to set a higher standard for token issuance and trading for the benefit of all market participants.

The GBX will benefit from the jurisdiction's Distributed Ledger Technology Regulatory Framework which came into effect on 1 January 2018. From this date, firms, in or from Gibraltar that in the course of business 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.

About Nick Cowan, GBX Chief Executive Officer 

Nick is the founder of the Gibraltar Stock Exchange. He has 34 years of experience in capital markets, including being the Head of Equities and Board Member at ING Barings, managing up to 2,500 employees in 43 countries, including 40 stock exchange memberships.

Media Contact: 

Liam Murphy
Account Supervisor, Wachsman
liam@wachsman.com, +353-87-119-2107

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