The Gibraltar Stock Exchange (GSX) Group, which the Gibraltar Blockchain Exchange (GBX) is a part of, is committed to utilising Distributed Ledger Technology (DLT), through the development of the STACS Network, to transform capital markets, towards a new era of blockchain-powered finance. The aim of the Group is to bridge the gap between traditional finance and the advancements in blockchain.
The GSX Group contains three distinct divisions within its comprehensive fintech ecosystem, Exchange Services (GSX and GBX), Financial Services (Juno Services and Fort Capital Solutions) and Technology Services (Hashstacs Inc.) focusing on institutional clients. The Group intends to build out its services, offering a complete solutions suite, including:
- Issuing, listing and trading* tokenised securities on a regulated stock exchange using the STACS Network. Currently, GSX supports listing Digital Securities including Corporate Bonds, Convertible Bonds, Asset Backed Securities, Debt Derivatives, Open-Ended Funds and Closed-Ended Funds on the Blockchain. The STACS Token powers the STACS Network and details of its utility and usage on STACS will be released shortly. *trading venue subject to regulatory approval
- Providing a complete blockchain ecosystem (STACS Network) for tokenised securities to financial institutions seeking DLT solutions, through the GSX Group subsidiary joint venture – Hashstacs Inc.
- Building global liquidity pools for tokenised securities through DLT interoperability via the STACS Network.
- Administering funds (traditional and tokenised) including offering same-day bank accounts under Juno’s client bank account service; company incorporation and corporate services.
- Brokerage, advisory and distribution solutions for clients via Fort Capital Solutions, an FCA UK licensed broker dealer.
As part of the strategic focus on institutional clients, having reviewed and evaluated customer demand, GBX will pivot from its current retail model to a more institutional investor focused operation. Therefore, we are committed to keeping our account holders informed of the coming changes to the GBX platforms, and what it means for GBX account holders.
On this basis, the GBX’s digital asset exchange (GBX-DAX), will continue to operate for institutional and professional clients. The trading pairs will be reduced in number, offering deeper liquidity for clients. Similarly, the GBX token sale platform, the GBX-GRID, will now focus on providing services to projects in the initial stages of funding cycles. This focus on early funding, such as the pre-sale period, will be aided by our well-developed network of institutional and professional clients.
The GBX remains firmly committed to the institutional cryptocurrency industry and is determined to leverage the opportunities that are forthcoming from the resurgent market. In the coming months, the GSX Group will make a number of exciting announcements, building on this repositioning and expanding service offerings for the institutional and professional client.
What does this mean for GBX?
Through this strategic repositioning, to compliment the GSX Group’s wider services, GBX’s primary platforms remain largely the same:
- The Digital Asset Exchange (GBX-DAX) will continue, for institutions and professional clients, with the aim of opening of a dedicated Over the Counter (OTC) desk*, operating within 100% cold storage, to protect our client’s assets. *Subject to regulatory approval
- Trading pairs will be reduced in number, to reflect the institutional repositioning of GBX. Continuing obligations to some tokens will remain, pending a review process.
- Token Sale Platform (the GBX-GRID) will cater to projects in the earlier stages of funding opportunities, such as the pre-sale period, being linked with our network of institutional and professional clients.
- We aim to ensure our existing account holders who hold assets with GBX are protected and catered for, and are given the opportunity to continue to use the GBX exchange services. As such, all account holders (which are currently approved) with assets within their wallets will remain open as normal. Persons who participated in the RKT public sale during February 2018 and STACS Token holders will also retain the right to open and maintain an account. All other new clients will require to deposit a minimum balance of US$10,000 fiat or digital assets to open a GBX account.
What does this mean for GBX account holders?
The changes to GBX will have certain limited effects to our customers. In particular, this means that:
- Accounts without value in their wallets will be closed.
- If you want to retain your existing account, and your account contains value, you can of course do so, and no action is required on your part.
- If you wish to close your account you may do so by contacting [email protected] with a simple request to close your account.
- If you are not sure or require help in any way you can email us at: [email protected].
- It is possible that this development may affect the price of STACS either positively or negatively so please consider any holdings or new purchases carefully in this light.
For the GSX Group, our continued success will derive from our collective strength, building on an ecosystem that compliments and offers a complete service solution to our client’s needs. We believe this new direction for the exchange will cater to a vital part of the market, and ensure that as a fintech ecosystem, we adapt our business needs to changing market demands.