Gibraltar has proven to be an interesting region when it comes to fintech. The region is open-minded when it comes to newer technologies. In fact, they seemingly appreciate blockchain and even cryptocurrencies, up to a certain extent. The Gibraltar Blockchain Exchange announced their public token sale event this week. The goal is to run a crowdsale for one week, during with 60 million Rock Tokens will be offered for sale.
Initial coin offerings or public token sales are virtually the same things. One thing setting both models apart is whether or not the tokens are linked to a value increase promise by the issuer. In the case of the Gibraltar Stock Exchange, it seems likely to assume their Rock Tokens will surge in value. With 60 million tokens for sale, the GBX aims to raise around $6m. Considering how this sale will only be available for a week, that may be a very steep challenge.
A big Move by the Gibraltar Blockchain Exchange
The Gibraltar Blockchain Exchange has become a powerful entity in a short span of time. The GBX is a subsidiary of the Gibraltar Stock Exchange. The platform aims to become a fully-licensed and regulated token sale platform and digital asset exchange. It will, at some point, boast a global listing and token sale springboard for utility tokens. Getting listed on this platform is subject to strict regulation and diligence, as one would expect. Setting a new standard for token issuance is a noble cause and one that’s direly needed too.
Gibraltar Blockchain Exchange CEO Nick Cowan comments:
“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.”
The Rock Tokens are ERC20 compliant and issued on the Ethereum blockchain. Their main purpose is being a medium of exchange for trades on the GBX platform. Moreover, the RKT tokens can be sued as a preferred medium of exchange, or to pay for trading fees. There are a lot of opportunities ahead as far as these tokens are concerned. Whether or not the public will be interested in purchasing them, remains to be determined.
Header image courtesy of Shutterstock