The Gibraltar Blockchain Exchange (GBX) has added support for Ripple’s XRP trading on its Digital Asset Exchange (GBX-DAX).
Launched last year by the Gibraltar Stock Exchange (GSX), GBX is a institutional-grade token sale platform and digital asset exchange. In November 2018, GBX received a full license as a provider of distributed ledger technology (DLT) from the Gibraltar Financial Services Commission (GFSC).
The GBX-DAX platform, launched in July 2018, is a digital asset exchange built on institutional-grade best practices and good governance, derived from the capital markets experience gained through the Gibraltar Stock Exchange. Currently, the platform has a total of 11 listed tokens, including bitcoin, ethereum, GBX’s native token RKT and XRP.
Nick Cowan, Managing Director and Founder of GSX Group Limited, said that they added XRP to the platform because they believe Ripple is a major player within the blockchain industry.
“In ways similar to our work at the GSX Group, it aims to re-shape the old methods of finance and banking, transforming payments through blockchain technology,” Cowan said. “XRP is a globally traded token and by joining the GBX-DAX it further extends its liquidity and reach.”
Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. XRP, the cryptocurrency used within the Ripple ecosystem, is a source of liquidity for their customers, which include major institutions such as Santander, Standard Chartered, and American Express.
““In November last year, we were granted a full license to operate by the Gibraltar Financial Services Commision (GFSC) and, following this, we introduced insurance coverage for assets listed on the GBX-DAX,” Cowan said. “As we move into 2019, we plan to build on this momentum with new digital assets listed on the GBX-DAX, with Ripple as the first of these new tokens.”
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