The official Gibraltar crypto exchange, named the Gibraltar Blockchain Exchange (GBX), has been launched and is now open to the general public, said a press release on Wednesday. Gibraltar has long existed in the grey area, so it makes complete sense that the British overseas territory and Mediterranean island is riding the crest of the wave of the crypto industry with the news of the launch.
Gibraltar has long stood out by itself and has never been afraid to innovate or try something new. The launch of this official Gibraltar crypto exchange is exciting news for the territory and opens up the crypto scene on the island.
Gibraltar crypto exchange now trading live
Gibraltar Blockchain Exchange is the first exchange of its kind on the island and has begun trading in six cryptocurrencies: bitcoin, ethereum, litecoin, bitcoin cash, ethereum classic and the rock token (RKT).
The rock token is the island’s own crypto that raised over USD 27 million during its ICO period. Over 3,500 people bought RKT, and it is currently trading at a market cap of USD 31.2 million on the exchange site CoinMarketCap.
The launch of this brand new Gibraltar crypto exchange had a test period in June where a few hundred people used the exchange service. The feedback was used to improve the service before launching to the public.
Nick Cowen, the CEO of GBX, said on a recent press release that, “Today marks the most exciting development on the GBX journey thus far and is a significant indication that Gibraltar is open for business.”
This exciting Gibraltar crypto exchange is offering a few promotions to kick-start the launch such as no trading fees until September 14 and a competition that will include a prize pool of 1 million RKY, which is equivalent at the time of writing to USD 80,000.
More about Gibraltar Blockchain Exchange (GBX)
The Gibraltar Blockchain Exchange’s ICO was launched in February 2018 and became an instant hit with crypto speculators. The exchange intends to be demanding of new coins and has tough guidelines by vetting ICO projects and to ensure accurate advertising and details are used by independent coins that wish to submit to the GBX site for approval.
Earlier this year, Cowen informed the Financial Times that up to 200 applicants had approached the Gibraltar crypto exchange.
Regulations are in place on the exchange that are in accordance with EU financial law to ensure everything is transparent and above board. MiFID wrote the rules for the Gibraltar Financial Services Commission to ensure all the boxes were ticked. Users must comply with KYC requirements and to confirm their identities before they use the exchange.
Gibraltar had been toying with the idea of crypto since 2014 when it initially formed its crypto committee, but it wasn’t until October 2017 that it began writing the island’s crypto regulations, which were released in January 2018.
The launch of GBX as the official Gibraltar crypto exchange is sparking exciting times for the island and its another string in the bow of the European crypto industry.
I love everything about crypto. Simply can’t wait to see how blockchain technology changes our world for the better.