The Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange (GSX), is going to launch public Token Sale Event on 7 February 2018, which will run until 14 February 2018.

The public token sale follows GBX’s highly successful pre-sale in which it raised over $21 million USD. During the token sale, approximately 60 million Rock Tokens (RKT) equivalent to $6 million USD in total, will be issued. RKT are ERC-20 compliant utility tokens issued on the Ethereum blockchain.

The GBX aims to be one of the world’s first licensed and regulated token sale platform and digital asset exchange that is operated by an EU regulated stock exchange. The GBX is expected to be a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process as well as a high-quality digital asset exchange. In this regard, the GBX intends to set a higher standard for token issuance and trading for the benefit of all market participants.

“The introduction of rules-based systems is necessary if the blockchain sector is to reach maturity and if actors are to be assured of market stability. Based upon principles of decentralisation and community consensus, the GBX seeks to create a new era of trust, openness and global acceptance for the crypto industry, one quality token listing at a time,” said Nick Cowan, CEO of the Gibraltar Blockchain Exchange.

According to the official release, RKT will function primarily as a medium of exchange for trades on the GBX platform as well as offering a range of functionalities within the GBX ecosystem. RKT will be also be used as a preferred medium of exchange, to get early access to new token sales; to pay trading fees; for listing and payment of sponsor fees; for issuer and sponsor staking; as grants and prizes at the Blockchain Innovation Centre (BIC); and as payment for business services such as corporate and fund services, as well as e-money services.

Proceeds from the token sale will be used to further develop the GBX trading platform and facilitate the further expansion of the full GBX fintech ecosystem. GBX aims to develop the capacity to be able to support projects at any stage of their development covering all of their business service needs.

“The sale of RKT in tandem with a widespread user-base will help the GBX achieve its intention of becoming a world-leading, institutional-grade token sale platform and cryptocurrency exchange. To see such overwhelming support for our project already in our successful presale period is both inspiring and humbling. The GBX is working to lay the foundation for the global expansion of a regulated cryptocurrency market with all proceeds raised in our token sale event helping further this vision and make it a reality,” concluded Cowan.

The GBX said that it will also benefit from the jurisdiction’s Distributed Ledger Technology Regulatory Framework which came into effect on 1 January 2018.