Gibraltar Blockchain Exchange (GBX), a subsidiary of the crypto-friendly Gibraltar Stock Exchange, plans to launch its own initial coin offering (ICO), raising $6 million from the sale of up to 60 million “Rock Tokens.” The offering will begin on February 7 and close on February 14. This ICO is a follow-up on the company’s successful presale of 210 million Rock Tokens behind closed doors in December 2017 that raised $21 million.
The name “Rock Token” is derived from the British territory’s iconic landmark, the Rock of Gibraltar. The Rock Tokens issued by GBX will be used primarily as a medium of exchange on the GBX token exchange platform. They will also be used for early access to designated token sales, for listing and sponsorship fees, as grants from the Blockchain Initiative Center, and as payment for any services rendered by GBX related to token sales or listings. GBX intends to use the proceeds from the Rock Token sales to further develop its trading platform and fintech ecosystem.
The GBX platform was first launched in 2014. Its aim is to become one of the first fully licensed and regulated cryptocurrency exchanges in the European Union. GBX will also benefit from the new Gibraltar Distributed Ledger Technology Regulatory Framework that came into effect on January 1, which regulates any distributed ledger project used to transmit or store value belonging to others and not regulated under another financial services framework. Now, tokens traded under the platform must have satisfied a strict due diligence and admissions process, setting a high standard for token issuance within the industry.
Nick Cowan, Gibraltar’s Minister for Financial Services and CEO of both GBX and the Gibraltar Stock Exchange, said in a statement:
“The introduction of rules-based systems is necessary if the blockchain sector is to reach maturity and if actors are to be assured of market stability. Based upon principles of decentralization and community consensus, the GBX seeks to create a new era of trust, openness and global acceptance for the crypto industry, one quality token listing at a time.”
Mr. Cowan will host an event in London next week to solicit interest in the Rock Token ICO.