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Blockchain Firm Valereum Acquires 90% of Gibraltar Stock Exchange
The company is looking to build an exchange that will link the fiat and crypto markets.
Blockchain firm Valereum is acquiring 90% of the Gibraltar Stock Exchange (GSX) Group in a move to build a fully regulated, integrated fiat and digital exchange, the firm announced Friday.
- Valereum announced in October that it was on track to acquire 80% of GSX, but has now increased its ownership to 90%. Financial terms of the acquisition weren't disclosed.
- The acquisition is subject to approval by the Gibraltar Financial Services Commission (GFSC), which regulates the financial services industry in Gibraltar.
- Once the acquisition is approved, Valereum said it plans to “establish the GSX as one of the world's first fully regulated, integrated fiat and digital exchanges.”
- "This simplifying of the acquisition structure is important for all parties and will lead to faster completion of the transaction” Valereum Chairman Richard Poulden said.
- Since 2019, the GSX has been allowing financial firms to list blockchain-based securities on its GSX Global Market platform and has regulatory permissions from GFSC to cover the use of blockchain or distributed ledger technology.
- “This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give crypto currency holders the ability to have a direct, verifiable holding in fiat securities,” Valereum said in a statement.
Read more: GSX Group's New Digital Securities Venue Tokenizes First Client Shares
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
