The Gibraltar Blockchain Exchange (GBX) has announced the launch of its cryptocurrency exchange, GBX Digital Asset Exchange.
After a trial period with only 300 customers, the operator has gone live and open to the public in a mission towards large-scale adoption of crypto and institutional investment in digital assets. Headquartered in U.K. territory bordering Spain, the firm allows registered users to fund their account in USD.
GBX Launches Cryptocurrency Exchange with Fiat Currency Accounts
Similarly to a few other micro-states, Gibraltar has become attractive to players within the cryptocurrency ecosystem for its tax haven status coupled with booming industries substantially affected by blockchain, financial services, and online gaming. The state is also home to multiple financial institutions familiar with anti-money laundering (AML) and know-your-customer (KYC) requirements.
Nick Cowan, CEO of the Gibraltar Blockchain Exchange, finds the timing of the launch of the GBX Digital Asset Exchange – following months of regulatory initiatives worldwide and a cryptocurrency market cap growth of nearly 400% YoY – as an advantage.
“Today marks the most exciting development on the GBX journey thus far and is a significant indication that Gibraltar is open for business. The launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity.”
The company also expects that its fiat currency accounts will be sufficiently attractive for investors wanting to enter the cryptocurrency space they will be able to go around one of the biggest hurdles at the moment. After completing the KYC requirements, GBX Digital Asset Exchange customers will promptly be able to trade fiat pairs – RKT/USD, ETH/USD, and BTC/USD – as well as exchange Bitcoin (BTC), Ethereum (ETH), Rock Token (RKT), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC).
“We are already looking forward to making significant additions to this offering in the future as we continue to make sustained progress in offering users the most comprehensive trading options possible. As a part of our continued work towards facilitating greater cryptocurrency trading accessibility and reliability, we shall be launching the official GBX mobile application in the near future, bringing a world-class Digital Asset Exchange to the fingertips of our community of users.”
The primary medium of exchange for trades on the GBX platform will be the GBX-generated Rock Token (RKT). Customers who use this utility token for settling their fees in RKT will be offered a reduction in trading fees. A discount will also be provided to those holding a specific minimum amount of RKT. Investors signing up before 17th August will enjoy Zero-Fee Trading from now until 14th September 2018. The GBX Digital Asset Exchange is also setting up its Exclusive Trading Competition with a prize pool at an outstanding 1,000,000 RKT.
Featured image from Shutterstock.
