KR1 PLC (LON:KR1) has set up a subsidiary in Gibraltar - KRX Ltd - through which it intends to sponsor credible, token-based projects to list onto the Gibraltar Blockchain Exchange (GBX), a move which it believes will “provide a new and potentially significant revenue stream for the company”.
The NEX-listed firm noted that the GBX, a subsidiary of the Gibraltar Stock Exchange Group, aims to be one of the world’s leading crypto asset having been granted a full licence as a provider of Distributed Ledger Technology from the Gibraltar Financial Services Commission.
The company said that, as one of a select few sponsors on the GBX, KR1 can negotiate fees for providing its service and said it has seen significant interest already.
It added: “The Directors are very excited to grow KR1's presence across Europe and we look forward to making the most of the warm welcome Gibraltar has given the Company and KRX so far.”
“With KR1's full network on which to draw, the Directors believe that KRX is perfectly positioned to help new projects setting up businesses in Gibraltar and to seize the opportunities that arise with the GBX Sponsorship.”
The group noted that the Gibraltar Stock Exchange is the first stock exchange to own a regulated blockchain exchange, and pointed out that the UK overseas territory has rapidly become a popular jurisdiction for new and innovative blockchain projects to set up and do business.