In another move reflecting its over-arching commitment to be a strong presence in the space of blockchain technology, Victory Square Technologies Inc. (OTC: VSQTF) (CSE: VST) has become an early strategic adopter, investor, and partner in the Gibraltar Blockchain Exchange (“GBX”).
The GBX, based in Gibraltar, is a subsidiary of the Gibraltar Stock Exchange (“GSX”), a European Union (“EU”) regulated stock exchange since 2014. Victory Square’s investment of $150,000 USD into GBX (the “Investment”) connects the Company with the GBX partnership network and renowned blockchain technology professional services firms such as Enterprise Ethereum Alliance, PricewaterhouseCoopers, ISOLAS and Kenetic Capital.
In exchange for the Investment, the Company will receive 1,500,000 cryptographic tokens known as Rock Tokens (the “RKT Tokens”) issued by the crowd-contribution smart-contract. The RKT Tokens allocated to Victory Square include an agreed 10% bonus for being an early partner of GBX.
“The Gibraltar Blockchain Exchange represents a tremendous opportunity to partner with the world’s first licensed and regulated token sale platform and digital asset exchange that is operated by an EU-regulated stock exchange," said Victory Square Chief Executive Officer Shafin Diamond Tejani. “The GBX is expected to be a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process as well as a high-quality digital asset exchange. In this regard, the GBX intends to set a higher standard for token issuance and trading for the benefit of all market participants.
“Victory Square is delighted to partner with the Gibraltar Blockchain Exchange on this initiative, which provides an elite regulated market – a true rock, so to speak -- for our portfolio companies and other leaders in the field,” added Tejani.
Gibraltar is an economically prosperous sovereignty with a highly-diversified economy spanning financial services, shipping, tourism, and -- most notably -- e-gaming. Gibraltar has established itself as one of the earliest homes to blockchain and crypto-asset companies. It has had tremendous success in identifying new, technology-based opportunities and then building vibrant and well-regulated industries.
GBX CEO Nick Cowan said: “Since we started the GBX project, we have been humbled and flattered by the support and interest we have received in building a rules-based marketplace promoting best practices in the industry. We have received phenomenal support globally for our ICO, and we are very pleased that Victory Square has chosen to join us in our journey to build the crypto harbour, right here in Gibraltar."
The GBX Platform will provide crypto and blockchain companies a number of advantages. These include: the ability to raise post-ICO equity rounds on the GSX; a regulated and licensed platform for companies raising through an ICO; and a fully regulated cryptocurrency exchange for their tokens post-ICO. The Gibraltar government recently launched their Distributed Ledger Technology (DLT) Framework, solidifying their position as a market leader in blockchain and facilitator of innovation in technology and providing a pathway to Tokenized Securities (bonds, issuances) within a Stock Exchange ecosystem.
Victory Square selected GBX as an investment vehicle because the GBX has been exceptionally thorough in the preparation and organization of GBX’s overall business structure and operations. In particular, the GBX has developed the GBX Alliance to help facilitate discourse and form thought leadership around the growing token industry. The GBX Alliance includes key players and interest groups throughout the blockchain space including technology firms, academia, investors, practitioners, and legal advisors. Collectively, stakeholders will elect a council which will identify and manage partnerships and sponsor initiatives, further raising the profile of the GBX. The Alliance Council, in turn, connects to the GBX Partnership Model, which selects proven industry experts and key influencers, advises clients and will be responsible for bringing tokens to market on the GBX.
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