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.
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