Gibraltar

  • Gibraltar Blockchain Exchange, subsidiary of the stock exchange, plans to raise $6 million selling digital “Rock Tokens.”
  • Funds will be used to build a “licensed and regulated” crypto exchange and issuance platform.
  • The company has already raised $21 million selling “Rock Tokens” privately.

LONDON — A subsidiary of the Gibraltar Stock Exchange (GSX) is planning to raise $6 million issuing its own digital currency as the British overseas territory looks to take advantage of exploding global interest in cryptocurrencies.

The Gibraltar Blockchain Exchange (GBX), a subsidiary of the stock exchange operator, announced plans for its own “initial coin offering” (ICO) on Tuesday, saying it will issue its own cryptocurrency, “Rock Token,” between February 7 and February 14.

GBX will sell up to 60 million Rock Tokens, named after the territory’s iconic landmark. The company has already sold 210 million Rock Tokens, worth $21 million, in a behind-closed-doors “pre-sale,” which concluded in December.

Gibraltar’s Minister for Financial Services and Nick Cowan, the CEO and founder of both the Gibraltar Blockchain Exchange and the Gibraltar Stock Exchange, will host an event in London next week to drum up interest in the ICO.

Crypto craze

The move comes after an explosion of interest in digital currencies in 2017. Bitcoin rose over 1,500% against the dollar last year. At the same time, startups raised over $4 billion issuing their own digital currencies structured like bitcoin through so-called “initial coin offerings.”

The large sums of money involved mean traditional financial services and startups alike are looking to get involved in the sector. GSX, which launched in 2014 and only has a handful of funds and debt securities listed on its exchange, is among them. It says on its website it wants to turn Gibraltar into “crypto harbour.”

<img src="http://static1.businessinsider.com/image/5a54f9c2ec1ade1a6e0291ab-1173/nick%20cowan%20high-resolution.jpg" alt="Nick Cowan, GSX and GBX CEO and founder." data-mce-source="Gibraltar Stock Exchange" data-mce-caption="Nick Cowan, GSX and Read More Here