Gibraltar Stock Exchange launches ICO-focused crypto exchange
The exchange intends to offer "pre-screened" ICOs along with early access for GBX token holders.
The Gibraltar Stock Exchange (GSX) now has a new arm in the form of Gibraltar Blockchain Exchange (GBX).
After a small soft launch trial period of 300 volunteers to test the platform, it has launched to the public and currently offers BTC, ETH, BCH, ETC and LTC. It also offers its own Rock (RKT) token, which allows users to access various exchange features and to receive a discount on their trading fees.
USD fiat trading is available for BTC, ETH and RKT for customers who pass standard KYC/AML procedures, and more fiat offerings are expected to be available in the future.
Uniquely, it will be launching with a strong emphasis on ICOs.
"Today marks the most exciting development on the GBX journey thus far and is a significant indication that Gibraltar is open for business," said GBX CEO Nick Cowan. "The launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity. In 2018 alone, Initial Coin Offerings (ICOs) have raised a combined total of $13.7 billion USD globally – more than was raised in all ICOs which took place before 2018 combined. We are excited to enter this pivotal stage in our development at such an important time for the industry. The fact that we can launch with fiat onboarding is a huge added bonus for our community."
Going forwards, people will also be able to list their initial token sales on the GBX Grid platform. The initial token sales can take place on the platform itself, opening up the opportunity for quicker liquidity.
RKT token holders can use the token to get a discount on various exchange fees as well as get early access to the ICOs hosted on GBX.
In fact, the GBX Grid is already scheduled to host three upcoming ICOs. One of them is a holiday home timeshare program with a cryptocurrency twist, and the other two are carbon credit on the blockchain projects.
"The GBX network now boasts 15 Sponsor Firms spread across the globe. The robust listing process is what sets the GBX apart from its competitors, as Sponsor Firms are responsible for introducing pre-vetted token sale projects to the GBX. This ensures that only quality tokens are accepted and allowed to enter the GBX ecosystem," the press release reads.
“We have made concerted efforts to ensure that upon our public launch the GBX would host a number of leading cryptocurrencies and tokens to ensure utility for the trading community," Cowan said. "We are already looking forward to making significant additions to this offering in the future as we continue to make sustained progress in offering users the most comprehensive trading options possible. We are also rolling out a number of initiatives designed to facilitate and encourage greater uptake. Later this month, for example, we will launch the GBX Exclusive Trading Competition that will include a total prize pool of 1 million RKT. Meanwhile, new users that register before the 17th of August will benefit from zero trading fees until the 14th of September."
GBX's focus on compliant security token offerings for vetted customers is a unique feature, which comes at the same time as other exchanges are looking for their own way to introduce legal security token offerings.
Coinbase has picked up a US brokerage license that lets it offer security tokens, although ICOs might be a different can of worms, while Binance is moving towards tokenised equity arrangements over in Malta.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.