Valereum Blockchain bids for Gibraltar Stock Exchange

Blockchain technology company Valereum wants to takeover the Gibraltar Stock Exchange (GSX) and allow investors to purchase securities using crypto. Valereum Blockchain has signed an option to purchase an 80 per cent stake in the GSX. If the offer wins approval from regulators Valereum will establish the world’s first fully regulated integrated fiat and digital exchange where securities can be purchased using Bitcoin, Ethereum, Cardano, Dogecoin and the stablecoin Tether.

Commenting on the transaction, Richard Poulden, Chairman of Valereum, said: “This deal represents the next stage in the evolution of digital assets becoming globally accepted and tradeable.” Poulden explained that the company identified Gibraltar as an ideal location for the launch of an integrated fiat and digital exchange because of its robust regulatory environment.

“A proper regulation environment is important for bringing crypto into the mainstream,” Poulden said. “Gibraltar is one of the best locations that I can see anywhere in the world which is why we chose it.”

Valereum Blockchain, which made an operating loss of over £500k in the first half of the year, is based in Gibraltar and focusses on linking conventional, mainstream fiat currency products into the world of crypto currencies.

The stock exchange’s current owners, the Global Stock Exchange group, will remain a 20 per cent shareholder under current proposals. Under the group’s ownership the exchange has admitted over 2,500 securities to date, totalling almost $5bn in value.

Nick Cowan, CEO of the GSX, commented on the bid saying: “We welcome Valereum’s option to acquire an 80 per cent stake in the GSX and we look forward to contributing towards Valereum’s goals.”

No timeline for the conclusion of the takeover deal has been released.

City AM

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

Related Articles

Back to top button