Valereum Blockchain plc, a Gibraltar-based blockchain technology company, has been given the regulatory nod to buy the Gibraltar Stock Exchange (GSX), more than one year after announcing its intentions.
The landmark takeover paves the way for a new international nexus for early-stage and small-cap public offers, with the company touting capital-raising opportunities for entrepreneurs across the Middle East, Africa and India.
It also lays the foundations for the first crypto-friendly global stock exchange, creating a “seamless and fully regulated bridge that links the fiat and crypto markets”.
Under Valereum’s directorship, GSX intends to accept all major cryptocurrencies, including Bitcoin, Dogecoin, Cardano, Ethereum and Tether, which it will treat just like any other currency.
Valereum’s chairman Richard Poulden will also sit as the GSX chair, while Valereum’s executive director Patrick L Young will occupy the same position at GSX.
Poulden said: “We have ambitious plans for the GSX and for Valereum linking the fiat and digital worlds. All our expansion plans will be fully regulated in the environments in which we plan to operate.
“Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node in financial trade. In time we will seek an international listing for the Valereum group as we see this as a compelling investment proposition.”
Wryly asked by Sky News this morning why Gibraltar was “content to see your (exchange) taken over,” chief minister Fabian Picardo said: “Gibraltar has been at the forefront of welcoming the crypto world and regulating the crypto world.
“I think what we are is an example of regulation in this new space which I think the rest of the world will want to look at and learn from.”
The acquisition is expected to be completed in the first quarter of 2023, at which time the deal value will be disclosed.
In addition, Valereum will be launching its NFT strategy in the first quarter of next year, linking real-world assets via NFT ownership.