A London-listed business situated in Gibraltar has pledged to build a bridge between the worlds of crypto and fiat currency.
In news that will be of interest to many of those opening a crypto company in Gibraltar, Valereum Blockchain has used a share placing to raise £1 million for the purpose of building the ‘Valereum Bridge’.
The ‘Bridge’ is a Non-Fungible-Token bespoke securities financial platform, intended to connect Government-issued currency to crypto in a safe, secure and strategic manner.
“A bright future” envisaged for cryptocurrency in the British Overseas Territory
Valereum Blockchain chairman Richard Poulden commented: “We have noted the volatility of the Bitcoin price in recent weeks but remain supporters of cryptocurrency mining and see a bright future for this part of the company’s business.
“Valereum’s bitcoin miners are working well and profitably in the US, and we continue to evaluate new opportunities to expand our BTC mining operations in a diversified way.”
Mr Poulden said the firm had raised a “small amount, at the current market price, from strategic current shareholders, to cover the costs of rolling out the next stage of The Valereum Bridge.”
He added that the company was cooperating closely with Mattereum “to refine the structure and protocols of the NFTs to ensure total security for when the launch occurs on the crypto networks.”
We provide leading solutions for Gibraltar crypto specialists
The news of the ongoing development of the ‘Valereum Bridge’ comes in the wake of an entity that had been handed a banking licence by the British Overseas Territory in relation to cryptocurrency, opening its physical headquarters.
As reported by the Daily Express, Xapo provides a bitcoin wallet, along with a cold storage vault and a debit card also based on bitcoin. The European e-money licence that the business now holds in Gibraltar has enabled it to offer electronic fiat money custodial and transfer services.
Albert Isola, the Gibraltar finance minister, was quoted as telling the Decrypt news outlet: “Xapo have now established themselves in Gibraltar as a fully-fledged bank.”
Whether you are only just opening a crypto company in Gibraltar or your presence on the Rock is longer-established, TAG Consultancy’s experts are well-placed to support the success and growth of your business with a full complement of services.
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