The Gibraltar Blockchain Exchange (GBX) has announced its upcoming public Token Sale Event which will commence on the 7th of February, 2018, and conclude on the 14th of 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 a licensed and regulated token sale platform and digital asset exchange that is operated by a European Union 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 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.
Nick Cowan, CEO of the Gibraltar Blockchain Exchange, stated: “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. 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.”
RKT are ERC-20 compliant utility tokens issued on the Ethereum blockchain that 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 to 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.
The GBX concluded a successful pre-sale period 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 platform will also benefit from the jurisdiction’s Distributed Ledger Technology Regulatory Framework which came into effect on the 1st of January 2018. From this date, firms in or from Gibraltar that use distributed ledger technology 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.
Cowan concluded: “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,”