Blockchain firm Valereum gets the nod to buy the Gibraltar Stock Exchange
Blockchain company Valereum (6TJ.SG) has received regulatory approval from the Gibraltar Financial Services Commission to buy the Gibraltar Stock Exchange (GSX).
The company’s disclosure statement did not disclose the amount involved in the acquisition, but predicts the deal will be completed in early 2023. Valereum noted that the purpose of the move is to “expand access to European early-stage and small-cap capital.” companies in the Middle East, India and Africa.”
“There is a significant gap in the available small cap markets where we will offer solutions that build from the ecosystem of accelerators and incubators through a full range of private and public markets,” Valereum’s statement said.
The firm added that it plans to launch a non-fungible token (NFT) strategy in the first quarter of 2023 to merge real-world assets with digital collectibles in addition to the lofty goals of bridging “fiat and crypto.” Richard Poulden, chairman of Valereum, will lead the combined company while Patrick L Young was appointed chief executive.
“Just as The Rock of Gibraltar has been a physical port for centuries, the GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node of financial trading,” Poulden said.
He added that the new entity will rely on state-of-the-art technology and with the composition of an excellent board, things are falling into place for the company to achieve its goals.
In August, Valereum sold its BTC mining assets to raise money for expansion and potentially fund the GSX deal. Valereum has been pursuing the deal since the beginning of the year with an initial plan to buy 90% of GSX.
Building a bridge between fiat and digital assets
Valereum describes itself as a firm that “creates a seamless NFT bridge between fiat and crypto securities.” The firm is a holding company listed on the AQUIS stock exchange in London and has a strong focus on linking mainstream assets denominated in USD or GBP with virtual currencies.
Since the announcement, the company’s share price has risen an impressive 30% to trade at $25.41.
Acquisitions in the digital asset industry have been a rocky affair, especially as markets are in the process of declining prices. Thailand’s oldest bank SCBX PLC pulled the plug on a proposed $500 million acquisition of Bitkub on the grounds that regulatory issues had not yet been resolved.
See: BSV Global Blockchain Convention panel, Re-Inventing Business with Blockchain
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