EU’s First Regulated Blockchain Platform Launched

By Sumedha Bose

The cryptocurrency scene is witnessing a revolution currently and we are seeing a state-run exchange dipping its toes in what is considered dangerous waters. The launch of the Gibraltar Blockchain Exchange would mean a pioneering lead into a space usually considered unsafe. This is one of the first instances of a government exchange building a bridge between traditional exchanges and cryptocurrency exchanges.

As a wing of the Gibraltar Stock Exchange, the Blockchain Exchange plays by the rules laid down by the EU. It has finished sales of RKT tokens in early 2018 and and has made the service available to KYC-verified users. In addition, 300 early participants acted as beta testers, helping in the development of a simplified trading platform.

GBX CEO Nick Cowan stated that he was “excited and proud” that this was being opened up to the public. Their native ROCK token (RKT) will be used for trade settlements and fee listing etc. RKT is a utility token that can be used for transactions and also for allowing holders to access early ICOs and pre-sales. Right now, RKT enjoys a $30 million market cap with 900 million RKTs as circulating capital.

Although the platform is looking to add coins and fiat pairings soon, users can now trade on BTC/USD, ETH/USD and RKT/USD workings. Besides, they will list six new coins, including Litecoin. Even though there are limited assets now, GBX will allow token issuance via the GBX Grid.

After token sales, tokens will be listed at the exchange for trading. 15 sponsor firms will make sure of the quality of listed tokens. Availability of fiat boarding is a USP of the exchange and comes at a time of great popularity of ICOs. Till now, the platform has successfully had a round of funding and exciting times await.

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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