The Gibraltar Blockchain Exchange (GBX), which aims to be a world-leading institutional-grade token sale platform and cryptocurrency exchange, today announced its upcoming public Token Sale Event which will commence on 7 February 2018 and conclude on 14 February 2018.
Tokens issued in the Token Sale will be called Rock Tokens (RKT). Approximately 60 million RKT, equivalent to $6 million USD in total, will be issued during the event.
As a subsidiary of the Gibraltar Stock Exchange (GSX), the GBX aims to be one of the world’s first licensed and regulated token sale platforms 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 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 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 decentralisation 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,” said Nick Cowan, CEO of the Gibraltar Blockchain Exchange.
RKT are ERC-20 compliant utility tokens issued on the Ethereum blockchain. They will function primarily as a medium of exchange for trades on the GBX platform as well as offering a range of functionalities within the GBX ecosystem. RKT will be also be used as a preferred medium of exchange, to get early access on new token sales; to pay trading fees; for listing and payment of sponsor fees; for issuer and sponsor staking; as grants and prizes at the Blockchain Innovation Centre (BIC); and as payment for business services such as corporate and fund services, as well as e-money services.
“We’re very excited to share the Rock Token with the world. Everyone at the GBX is fully committed to blockchain technology and its potential to change the way that people build their own projects. We invite you to join us on our journey and to join the community we’re building.” added Cowan.
The GBX’s highly successful pre-sale period concluded in December 2017 and was oversubscribed with 210 million RKT already sold, amounting to $21 million USD. Proceeds from the GBX Token Sale Event have been earmarked primarily to further develop the GBX trading platform and facilitate the further expansion of the full GBX fintech ecosystem. 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.
The GBX will also benefit from Gibraltar’s Distributed Ledger Technology Regulatory Framework which came into effect on 1 January 2018. From this date, firms in or from the jurisdiction 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. The scope of these regulations will encompass companies using blockchain technology, including the GBX.
“The sale of RKT in tandem with a widespread user-base will help the GBX achieve its intention of becoming a world-leading, institutional-grade token sale platform and cryptocurrency exchange. To see such overwhelming support for our project already in our successful presale period is both inspiring and humbling. The GBX is working to lay the foundation for the global expansion of a regulated cryptocurrency market with all proceeds raised in our token sale event helping further this vision and make it a reality,” concluded Cowan.