Gibraltar is the first sovereign territory to put a break on the indiscriminate growth of the ICO market in the world by offering a set of guidelines to regulate the Blockchain business within their jurisdiction with their own ICO Exchange. The ruling was taken by the Gibraltar Financial Services Commission, and it was published in October of 2017 to be made effective on January of 2018. The organism created to handle these regulations is called The Gibraltar Blockchain Exchange (GBX), and they will work on a sponsor-based model where new ICOs will have to backup other blockchain initiatives to get listed on the exchange.
Is GBX going against the current?
The move to regulate digital currencies might seem bold and contrarian to everything they stand for since their main drawn is the freedom to work outside laws and regulations while offering a transparent platform to make financial transactions. The GBX offers an alternative by making their jurisdiction a haven for cryptocurrencies. The regulations are meant to offer a secure market for legit blockchain initiatives that are truly committed to work on the issues they are offering to solve in their whitepapers or business strategies. The GBX is also ready to show their commitment to this plan of action by creating a digital currency of their own to support this new way to do business.
The GBX and the power of their own ICO
The Rock Token (RKT) is the currency that will be used inside the GBX ecosystem for transactions, listings, and other functions. The token is meant to be used as a medium of exchange between investors under the watch of the
Gibraltar Blockchain Exchange. The main benefits listed so far are:
- Instant membership to the GBX ecosystem
- Listing on the GBX ecosystem as a certified user
- Earnings subject to interest rates as a sponsor or as issuer of ICO
- Competitive trading fees
- Early access to token sales offered through GBX
- Exclusive discounts on new ICO’s offered within the GBX ecosystem
- Voting rights on selected community developments
- Rewards to positive contributions to GBX alliance members
- Rewards for innovations on the Blockchain center
- A full-time dedicated team of professionals ready to offer their services for any contingency
The structure for GBX’s token sale
The Rock Token sale structure has been listed under the codename RKT. It will be built on the Ethereum Blockchain platform. The public sale will begin the 7th of February of 2018 and it will end on the 14th of the same month. The token sale price will be of $0, 10 per unit of RKT and will be only paid in Ethereum.
There is a total supply of 900,000,000 RKT tokens with a market cap of $90 million. The distribution of the sale is being done on private operations and public sales by The Gibraltar Blockchain Exchange. So far the organism is offering 35, 4% of the total ICO (around 318,556,250 tokens) for a hard cap of $27 million. 60,000,000 units of RKT will be offered on public sales, either by GBX directly or by other operators. The minimum purchase to participate will be of $100 paid in Ethereum.
The endgame for GBX
GBX is aiming big with their intentions of regulating the digital currency market in the European Union, by offering safer environments for trade unlike the open markets of the USA and Asia and using the sponsor system to offer additional confidence. The company is currently under review by the GFSC financial services to get their regulatory license and begin their listing process for every ICO willing to work in the Gibraltar territory.
To learn more about the new way to deal cryptocurrencies under a safe environment you can check https://gbx.gi/.