Blockchain company Valereum gets clearance to buy Gibraltar stock exchange

Blockchain company Valereum gets clearance to buy Gibraltar stock exchange

Valereum said it has received consent from the Gibraltar Financial Services Commission to complete the acquisition.

Valereum did not disclose the price of the transaction, which it expects to close in the first quarter of 2023.

“GSX will focus in the future on broadening access to European capital for early-stage and small-cap companies in the Middle East, India and Africa, where there is huge opportunity to empower entrepreneurs across the region,” Valereum said in a statement.

It will also launch a non-fungible token (NFT) strategy in the first quarter to link “real-world” or traditional securities through NFT ownership, the company said.

The merged company will be chaired by Richard Poulden, with Patrick Young as executive director.

“GSX will leverage proven exchange technology from established vendors and be updated with full front-to-back trading and clearing functionality at significant and scalable scale,” Poulden said in a statement.

In August, Valereum said it was selling its bitcoin mining assets as part of its GSX acquisition and expansion plans.

Bitcoin’s price has crashed over the past year, resulting in what has been called a “crypto winter,” with few signs of a thaw.