A new crypto trading platform providing services to institutional investors has made a soft launch in Europe. The Gibraltar Blockchain Exchange (GBX) has introduced 300 retail account holders and a select number of institutional participants to its platform. GBX, a subsidiary of the Gibraltar Stock Exchange (GSX), aims to become one of the first licensed and regulated digital asset exchanges operated by an EU regulated stock exchange.
Also read: British Bank Says “No” to Crypto Firms from Gibraltar
GBX Offers Exclusive Access to Selected Clients
The Gibraltar Blockchain Exchange (GBX), which will serve institutional crypto investors, has recently started operations on a limited scale. 300 retail account holders and a number of preselected institutional participants have been introduced to its platform. The announcement of the soft launch follows the recent addition of another sponsor, Blockchain Worx. The exchange now has 10 sponsor companies in its network.
At this early stage, the chosen users will be given full and exclusive access to the trading platform. The clients that have been invited to participate in the launch and start trading will also be asked to provide feedback on their experience. The goal: to better assess their needs in order to develop “the finalized user experience”.
“This is a significant step in our journey to becoming a leading digital asset exchange and token sale platform,” said GBX CEO Nick Cowan, quoted by Banking Tech. “The soft launch of the platform will mean that we can continue as effectively as possible toward providing an institutional-grade token sales springboard for utility tokens and top-quality digital asset exchange for the global blockchain and trading communities,” he added.
Cowan said that GBX will be working to develop a robust token market and provide top-class service to all interested in trading or being listed on the exchange. He promised that the market on the platform will be fair, transparent, efficient, and safe. The chief executive officer also mentioned the successful launch of the GBX GRID token and spoke about two other token sales using the same platform – those of Strykz and Traceto tokens.
Crypto Exchange Owned by a Stock Exchange
GBX, which is a subsidiary of the Gibraltar Stock Exchange (GSX), plans to become one of the first licensed and regulated digital asset exchanges operated by an EU regulated stock exchange. This is possible thanks to a decision by the Gibraltar Parliament from December last year. The legislature voted unanimously to pass a bill to amend the Financial Services Act in order to regulate the crypto sector.
The mechanism aimed at protecting customers of cryptocurrency businesses in Gibraltar went into effect on January 1 this year. The regulation targeted crypto and blockchain companies by introducing a licensing regime implemented by the Financial Services Commission of the British overseas territory. The providers of distributed ledger technology services are now obliged to adhere to the regulatory requirements of the Financial Services Act.
Undoubtedly, local authorities are trying to tap into crypto incomes and profits. Gibraltar, which is known for hosting huge businesses from the financial services sector and the online gaming industry providing a sizable portion of its domestic product, has been making efforts to present itself as an attractive destination for crypto and blockchain companies as well. The territory has also become the first jurisdiction in Europe to regulate Initial Coin Offerings (ICOs).
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