Everything You Should Know about GBX.
GBX that is short for Gibraltar Blockchain Exchange is yet another blockchain project with the headquarter in Gibraltar, aiming to offer the cryptocurrency market an institutional-grade token sale marketplace and e-asset exchange supporting the ideals of decentralization and public consensus, with the RKT (Rock Token) as a choice for transactional operations.
Positioning itself as the “Crypto Harbor”, GBX, a subsidiary of GSX (The Gibraltar Stock Exchange), will become a fully integrated utility token-sale system and a crypto exchange, falling under Gibraltar’s laws and regulations. Put it simply, GBX will be rules-based blockchain platform to buy, sell, and exchange electronic assets and major cryptocurrencies (Bitcoin, Ethereum, Dash, Ripple, and Litecoin) or exchange them for other virtual assets/cryptocurrencies or for fiat money. Users will also be able to store, transfer, and receive virtual assets, manage their investment portfolios, and trade digital assets via the exchange. All GBX’s users will have to pass AML/KYC compliance procedures before registering with the platform.
GSX will launch their digital asset exchange in the first quarter of 2018 with an early token public sale to commence on the 7th of February. According to the Road Map, the GBX vision will be executed via 4-phased development that covers the year 2019 and beyond. At the time of writing this, the GBX platform is on the border of Phase 1 and Phase 2 Milestones.
GBX implementation
The GBX token sale platform claims to solve the problem of deficiency of regulatory oversight typical for cryptocurrency transactions. To achieve this, the marketplace will introduce different token sales requirements to be utterly followed:
- Evaluation through the sponsor stringent process
- Compliance check
- Legal confirmation of a token’s utility
- Strict aml/kyc standards
- Efficacious business models
All this is done to make the contributors confident in the exchange and in its participants. Obviously, the platform will not deal with occasional people but with properly regulated DLT firms, which must adhere to the nine DLT principles. This all means that users must first undergo AML/KYC compliance before they will be allowed to open an account in the exchange. This raises the question: who and how can use the GBX platform?
- Blockchain start-ups to conduct token sale initiatives on the platform
- Individual traders and businesses to exchange currencies, make P2P payments and P2B payments, keep and sell tokens, cryptocurrencies, and tokenized securities
- Investors to gain access to ongoing ICO-projects
The platform will function under the support of their utility token or the RKT (Rock Token). RKT is an ERC-20 coin issued on the Ethereum blockchain and will be accepted across the whole GBX Ecosystem (White Paper, part D) that will encompass:
- Business solutions
- Corporate services
- Digital asset exchange
- Electronic money services
- Fund services
- Token sale platform
As an ERC-20-standard coin, an RKT token will be compatible with most wallet software. Such standardization also makes it easy for dapps developers to utilize RKT tokens in the future and ensure maximum exposure and adoption.
Inside the GBX system, RKT coin can directly be used for:
- Opening access to individual discounts on token sales in the GBX network
- Listing fees
- Sponsor / Token Issuer Staking
- Sponsor admission
- Trading Fees Settlement
The GBX Team
GBX managed to gather a team of industry experts, crypto-specialists, and legal advisers with solid resumes.
The executive department is represented by Nick Cowan that is the Group Chief Executive Officer. The establisher of GSX, the parent company of GBX, Cowan has 34-year experience capital markets. He was the head of capital markets at Bear Stearns and ING Barings where over 2500 people from 43 different countries were under his command.
Another remarkable member of their executive committee is Philip Young, the GBX’s Group Chief Marketing Officer. He has a vast (over 30 years) expertise in the investment field. Young is a co-founder of the Gibraltar Stock Exchange.
William Rawley is Group Legal Counsel. Having an excellent education (Cambridge University), Rawley is qualified as a solicitor in the UK in 1996 with an international legal practice Simmons & Simmons. In 1997, he was admitted as a Hong Kong solicitor. Before being admitted to the Gibraltar Bar in 2014, he gained an extensive expertise in legal and commercial spheres as an in-house counsel and a legal structuring expert. More information about the GBX team is available in their White Paper (Part H) and on their official website.
GBX ICO
GBX will start their ICO on 7th February at 18 12:00:00 (UTC) and finish it on 14th February 18 at 11:59:59 (UTC) or Hard Cap.
The total RKT supply is 900,000,000, and 318,556,250 RKT tokens are meant for token sales. The total number of RKTs available for the public sale is 60,000,000.
The token allocation will be as following:
- 117,300,000 RKTs (13 %) are for early backers, partners, and advisors
- 318,556,250 RKTs (35.4 %) are meant for the TGV. They will be sold in 2 steps. Pre-sale up to 31st December 2017 and Public sale of balance tokens in February 2018.
- 246,443,750 RKTs (27.4 %) are left in reserve
- 94,800,000 RKTs (10.5 %) to be spent on community development
- 122,900,000 RKTs (13.7 %) are dignified for founders and staff
The picture below demonstrates how the remaining funds will be used:
Conclusion
The Gibraltar Blockchain Exchange (GBX Limited) is a daughter company of The Gibraltar Stock Exchange (GSX Limited), which is authorized and regulated by the Gibraltar Financial Services Commission (FSC) under license number FSC1231B.
The platform is supposed to be a licensed and regulated exchange for both utility tokens and tokenized securities, powered entirely by the blockchain. Their aim is to be an institutional-grade crypto asset exchange for individual traders, companies that wish to trade and a token sale platform for companies (from start-up to established) to arrange initial coin offerings on the platform.
GBX will emit their ERC20-type utility token (RKT) that will provide membership and access to the platform and its extensive services. The launch of the product is planned in the first quarter of 2018.
The platform is currently being developed through a strategic partnership with the QUOINE exchange which you can read about here. But at the current stage, they do not release a beta version for public scrutiny. The website encourages the visitors to stay up to date with their progress through their Telegram channel for information on further developments, as they will be released there.
The project realization will be done in 4-phased milestone development, and according to their White Paper (Section 15), all stages of the Phase 1 Milestones have commenced and/or are completed.
-----------------------------
As a follower of @followforupvotes this post has been randomly selected and upvoted! Enjoy your upvote and have a great day!