Valereum ups stake in GSX after paying £2.9m for 50%

Rick Steves

Valereum and the Global Stock Exchange Group (GSEG) have jointly announced that they have exercised the option to increase Valereum’s interest in the Gibraltar Stock Exchange (GSX) from 80% to 90%. The GSX is a regulated exchange market that also holds an Multi-Lateral Trading Facility (“MTF”) license for the listing of specific forms of security […]

Valereum and the Global Stock Exchange Group (GSEG) have jointly announced that they have exercised the option to increase Valereum’s interest in the Gibraltar Stock Exchange (GSX) from 80% to 90%.

The GSX is a regulated exchange market that also holds an Multi-Lateral Trading Facility (“MTF”) license for the listing of specific forms of security under the European Markets in Financial Instruments Directive (“MiFID”).

Both firms have also executed the first stage of the revised agreement, announced on 28th January 2022, whereby Valereum paid the GSEG a total of £2.9m and taken security over the first 50% of the shares of the GSX. The remaining option over 40% of the shares in GSX will be exercised in due course.

The deal awaits approval by the Gibraltar Financial Services Commission, the jurisdiction’s financial watchdog.

The final transfer and registration of all transfers in the shares in the GSX to reach the agreed final 90% ownership is also subject to GFSC approval and any shareholder approval required by AQUIS.

Richard Poulden, Chairman of Valereum, commented: “This is a very significant step forward for Valereum towards taking control of the Gibraltar Stock Exchange. Valereum directors are working closely with the GSX to plan for its future path.

Fully regulated exchange for shares and cryptocurrency

It was in October 2021 that Valereum and GSEG first announced the change in ownership. The company’s plan was to buy GSX in order to establish the exchange as a fully regulated, integrated fiat and digital exchange.

As such, GSX clients can use cryptocurrencies to buy fiat debt and equity instruments and still comply with all anti-money laundering requirements. The operator will accept all major cryptocurrencies including Bitcoin, Dogecoin, Cardano, Ethereum, and Tether.

Cryptocurrency holders will have the ability to have a direct, verifiable holding in fiat securities, while using exchange technology from established providers and updated with full front-to-back trading and clearing functionality.

The revised agreement was announced in January 2022, with Valereum being expected to acquire 90% of GSX to create the world’s first bourse where shares and cryptoassets can be traded.

“This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give crypto currency holders the ability to have a direct, verifiable holding in fiat securities”, said Valereum in a statement.

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