Blockchain firm Valereum given green light to acquire Gibraltar Stock Exchange
Blockchain platform Valereum has received regulatory approval to complete the acquisition of the Gibraltar Stock Exchange.
The move, subject to regulatory and working capital conditions, will see the foundation of a new international network headquartered in Gibraltar with a focus on expanding access to European capital for early stage and small-cap companies in the Middle East, India and Africa.
Valereum says it expects the deal to be completed by the end of Q1 2023, and also intends to launch a non-fungible token (NFT) strategy “linking real world assets via NFT ownership”.
Richard Poulden will be named chairman, with Patrick Young as executive director. Jack Sun will be Chief Financial Officer, while Simon Brickles and James Lasry have been named as non-executive directors.
“There is a significant gap in the available small cap markets where we will provide solutions building from the ecosystem of accelerators and incubators through a full suite of private and public markets,” a statement said.
“This will provide a new transnational access to capital.”
Richard Poulden said the company was delighted to receive news of the approval from Gibraltar Financial Services Commission, and that he looked forward to completing the acquisition of the GSX.
“We have ambitious plans for the GSX and for Valereum linking the fiat and digital worlds,” he added.
“All our expansion plans will be fully regulated in the environments in which we plan to operate.
“The GSX will harness proven exchange technology from established providers and will be updated with full front to back trading and clearing functionality on a significant scale and expandability.
“Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node in financial trade. In time we will seek an international listing for the Valereum group as we see this as a compelling investment proposition.
“We have created an excellent board to move the exchange forward and I am particularly pleased that Simon Brickles will remain as a Non-Executive Board member providing counsel from his extensive knowledge of exchanges and as the founding Father of the London Stock Exchange’s Alternative Investment Market (“AIM”).
“Equally our robust governance structure includes James Lasry, a Partner at Hassans International Law Firm Limited where he is Head of Funds and Deputy Head of Financial Services. James has been a stalwart at the epicenter of Gibraltar’s financial centre development particularly in the funds segment.
“Patrick L Young has been invaluable to Valereum already in helping plan our strategy and he brings a wealth of knowledge and forward thinking to the business of exchanges.”