The Gibraltar Stock Exchange is to hold a token sale from the 7th to the 14th of February through its subsidiary the Gibraltar Blockchain Exchange (GBX).
They plan to raise $6 million issuing Rock Tokens following a pre-sale of $21 million to fund an “institutional-grade token sale platform and cryptocurrency exchange.” The project says:
“GBX intends to facilitate token sales similar to existing platforms but from a governed position. The GBX aims to put in place best practices, innovative sponsor staking regime and diligent whitelisting procedures. Coupled with a token marketplace that would consist of only of high quality listings and an equally esteemed, AML/KYC cleared investor pool. In addition, advisory, corporate, banking and payment services are part of the integrated offerings GBX could provide.
The GBX would also provide a top-tier centralized cryptocurrency exchange for high volume, liquidity and quality cryptocurrencies. Under construction with institutional grade technology, multi-sig security, 100% auditable reserves, insurance protection and fiat onboarding capabilities.”
The Minister for Financial Services of Gibraltar and Nick Cowan, CEO of the Gibraltar Stock Exchange and its subsidiary, are to hold an event in London to drive interest to the ICO.
This is the very first ICO of an institution with the British Overseas Territory generally very friendly to crypto and this space.
Estonia is to also ICO for the e-Residency program, creating a state fund of sorts through a token sale of Estcoin.
In combination, so giving the Initial Coin Offering (ICO) phenomena a seal of approval of sorts after many projects have raised billions to fund innovative products.
That includes established companies, such as Kik, which raised $100 million or more for a token model to supplement or even replace the advertising model.
It is, however, the first time an established institutions is to ICO, suggesting this new way of funding companies might be very much here to stay and perhaps even grow much further.