Blockchain firm Valereum gets approval to buy Gibraltar exchange

Blockchain startup Valereum said on Monday that it has acquired regulatory clearance to purchase the Gibraltar Stock Exchange (GSX) and transform it into a hub for nascent businesses from the Middle East, India, and Africa to access funding in Europe.

Blockchain startup Valereum said on Monday that it has acquired regulatory clearance to purchase the Gibraltar Stock Exchange (GSX) and transform it into a hub for nascent businesses from the Middle East, India, and Africa to access funding in Europe.

According to Valereum, the Gibraltar Financial Services Commission has given its approval for the transaction to go through.

The deal's pricing was kept a secret by Valereum, which anticipates completion in the first quarter of 2023.

According to a statement from Valereum, the future aim of the GSX will be to provide access to European finance for early-stage and small-cap firms in the Middle East, India, and Africa, where there is a significant potential to support entrepreneurs there.

The business said that it would also provide a non fungible token (NFT) approach in the first quarter to connect "real world" or conventional securities via NFT ownership.

Richard Poulden will serve as the company's chairman, while Patrick Young will serve as executive director.

According to a statement from Poulden, "The GSX will rely on proven exchange technology from reputable sources and will be upgraded with complete front-to-back trading and clearing functions on a considerable scale and expandability."

Valereum said in August that it was selling its bitcoin mining equipment as part of its intentions to purchase and grow GSX.

Over the last year, the price of bitcoin has plummeted, ushering in what has been nicknamed a "crypto winter," with no indication of a thaw.