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CRYPTOMARKET

Gibraltar Stock Exchange

  • by Alex Lightman and David Lightman
  • February 19, 2018
  • 0

Plans to Create World’s First Tokenised Stock Exchange Ecosystem

In October, at the Hong Kong FinTech Summit, the Gibraltar Stock Exchange (GSX) launched the Gibraltar Blockchain Exchange (GBX), aiming to be the world’s first regulated and licensed cryptocurrency and blockchain based token exchange.

The GBX is uniquely positioned, with the new Distributed Ledger Technology Regulatory Framework introduced by the Government of Gibraltar, coming into effect 1st January 2018. The GBX offers unprecedented security, transparency and accessibility to its participants. It is a subsidiary of the Gibraltar Stock Exchange (GSX) which operates an EU regulated Main Market, recognised by ESMA (European Regulator) and HMRC (UK), and a self-regulated Global Market.

Gibraltar, a member of the EU, has long been a pioneer in the digital technology space and is a fully regulated jurisdiction with passport rights across Europe. It aims to welcome, support, provide structure and foster growth in the crypto community, in the same way that it has provided a harbour for the gaming community. With the GBX, Gibraltar will become “The Crypto Harbour”.

By building a well-governed community, establishing best practices and a gold standard code of conduct for token sales, the GBX will be the platform for the next generation of the crypto-economy. Advisory, corporate, banking and payment services are part of the integrated offerings available as well. The GBX aims to provide an endto- end ecosystem for listings, trades, wallets, corporate services and KYC/AML to banking services worldwide.

By accepting only quality offerings which have undergone a thorough vetting process, the GBX will create a new standard of excellence in listings. Only these carefully vetted projects will be offered the opportunity to be listed and traded on a trusted, well governed platform with a strong, supportive community. All GBX listed companies will then receive preferred access to list on the GSX, giving crypto start-ups more options to raise capital and access to more diverse traditional investor bases, as they grow.

For those issuing token sales for their value-based, disruptive new platforms, the GBX provides incubator and development services along with a marketplace from a carefully regulated position. With its innovative sponsor staking process for establishing new blockchain projects, and diligent white-listing procedures, a token marketplace that consists only of high quality listings and an elite top-tier AML/KYC cleared investor pool is created. After an applicant for a new blockchain platform token sale is reviewed and approved, they are appointed a sponsor firm who is required to hold stake with the  new blockchain project. Sponsor firms are responsible for bringing tokens to market and assume specific ongoing responsibilities for their sponsored platforms, assuring a committed and ongoing relationship between sponsors and new offerings.

To guarantee its clear governance and vision the GBX Alliance, consisting of legal advisers, tech firms, academia and investors, will constitute an International forum, supporting development of the crypto community within the GBX.
The GBX Alliance Council, chosen from the GBX Alliance, will establish guidelines and standards for listing and trading, and set sponsor firm entry criteria. The GBX and all of its branches and procedures will be overseen and supported by the GBX Alliance, to provide participant protection and security on all levels.

On 30th October 2017, the GBX launched the pre-sale of the Rock Token (RKT), the official utility token for the GBX, the GSX and the world’s new blockchain ecosystem. The token sale has a target of $27m. There will be a retail market offering as well. (Please see https://gbx. gi/ for updates.) RKT will fund the development of the GBX platform. It will serve as a medium of exchange, facilitating and recording transactions, paying for listings, trades, membership and other fees. RKT will also be used for voting on select community developments, subscribing to tokens for future project offerings on the GBX and as a portal to Blockchain Innovation Centre campaigns and rewards.

The founders of the GBX have an established record in building innovative exchanges. The Gibraltar Stock Exchange, formed in 2014, is a pioneer in the market, and the ambition is to be the first exchange in history completely run on blockchain technology. This will afford a level of security, speed of transaction and transparency never before possible on an exchange. Sale of the Rock Token will help facilitate this next new level of excellence.

The GBX aims to be the first regulated token sale platform, in addition to being the first blockchain exchange. With its own utility token and experience with its token sale, the GBX intends to be the first exchange with a clear understanding of what each blockchain project entails in its journey, from inception, incubation, funding, token sale and platform development, on to full market realisation. By truly understanding this process, the GBX will be better able to serve those offering innovative new platforms in the blockchain space.

Use of the GBX Rock Token (RKT) will help create an entire ecosystem, enabling businesses, from start-ups to established corporations, the necessary guidance for all their unique evolutionary journeys. We call this, the token offering to IPO path. Not only can the GBX assist new blockchain projects with token offering, listing and trading functionality, it may also assist in taking the project forward to a full stock market public offering and listing, if desired. To help create and develop these pathways, there are other planned offerings, including an e-money license to assist those in need of access to financial systems, including e-wallets and card payments. Ultimately the GBX aspires to build a new fully fledged digital bank, with banking relationships worldwide.

Centred on the solid foundations of Gibraltar’s emerging regulations, the GBX seeks to become the worlds first nationally regulated digital asset marketplace and ecosystem. Building towards a new era of certainty and stability for the world of blockchain technology. Members of the fin-tech community will find their home for a secure, supported and vibrant crypto community. Today’s current storms in uncharted waters for new platforms and eager participants in this exciting new dawn of technology will pass, and Gibraltar’s GBX will be that harbour from the storms. A crypto Harbour.

The GBX Rock Token (RKT) launched on 30th October 2017 in a pre-sale round and will be open to the public on a date soon to be announced. Please visit: https://gbx.gi/ for updates.

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Alex Lightman is an MIT graduate (’83), attended graduate school at Harvard, and is the winner/recipient of four global technology awards, including the Economist magazine Reader’s Award for the “innovation that will most radically change the world” for this decade 2010-2020. He is a co-founder of Token Communities Plc., a Gibraltar corporation that invests in tokens; the CEO of a publicly traded energy company; and advisor to seven ICO/token sales, including Propy, Science, and Academy for Blockchain Technology mentioned in this article. He is the author of the first book on 4G wireless, Brave New Unwired World and the co-author, with Brett King, of the Amazon.com bestseller, Augmented: Life In The Smart Lane, which was no. 1 in seven different categories in 2016.