Valereum Blockchain wants to purchase an 80% stake in Gibraltar Stock Exchange to enable the exchange of traditional financial instruments with cryptocurrencies.
The firm’s executive director, Patrick Lyle Young, notes that the exchange would operate normally except that trades will be settled in crypto.
The company is seeking to raise £50 million, equivalent to $67.6 million, towards the exchange overhaul with £1 million worth of shares already issued.
Valereum listed Bitcoin, Cardano, Dogecoin, and Tether earlier among the cryptocurrencies that would be involved though it says that the final list is under consideration.
The Chairman of Valereum Richard O’Dell Poulden expects the new deal to address the needs of Bitcoin billionaires seeking to acquire real estate.
Poulden says that if the deal gets the green light of the regulators, GSX would be the first stock exchange to offer such services.
Gibraltar, also known as ‘The Rock,’ is deemed a tax haven among investors and has positioned itself lately as a universal base for cryptocurrencies and blockchain.
Source: Wired
