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Blockchain company Valereum buys Gibraltar Stock Exchange to create crypto hub

Blockchain company Valereum

Blockchain company Valereum announced on Friday, January 28, that  it would acquire 90% of the Gibraltar Stock Exchange (GSX) to create the world’s first bourse where shares and cryptoassets can be traded.

The acquisition is subject to approval by the Gibraltar Financial Services Commission (GFSC), which regulates the financial services industry in Gibraltar- the company gave no price for the transaction.

“The GSX will be the world’s first exchange to create a seamless and fully regulated bridge that links the fiat and crypto markets. This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give crypto currency holders the ability to have a direct, verifiable holding in fiat securities,” Valereum said in a statement.

Valereum announced last November it had signed an option to acquire up to 80% of GSX, subject to approval from the Gibraltar Financial Services Commission. Friday’s announcement increases the holding to 90%. The company acquired Gibraltar fund and trusts services group Juno in December to underpin the bridge between crypto and fiat currencies.

Bitcoin news

The price of bitcoin went up 4 per cent on Tuesday morning, February 1,  climbing above $38,500 for the first time in more than a week.

The price jump has been matched by BNB and XRP, while Ethereum (ETH) and Solana (SOL) have both seen significant surges of 9 per cent and 18 per cent respectively over the last 24 hours.

The market rally comes as investors in India await clarity on the cryptocurrency bill, which Parliament has been reviewing during its winter session. A new poll from Deloitte and the Times of India found that regardless of whether regulation is introduced, more than half of respondents would still invest in crypto regardless.