Gibraltar’s new Blockchain Exchange (GBX) announced its first approved token this week. The TraceTo token (T2T) from Traceto.io will be released on the GBX Grid in April.
The GBX is a subsidiary of Gibraltar’s Stock Exchange and the GBX Grid will provide ICO startups with access to a registered list of whitelisted and KYC-verified participants who might potentially be interested in specific token offerings.
Gibraltar is setting itself up as a regulated blockchain jurisdiction and so far it has made impressive steps in attracting the blockchain community. The GBX had some 200 prospective ICOs lined up ahead of its launch on 20th March. Lendo intends to apply for a licence and GBX listing here, because its founders and management board believe that regulation is the way forward for blockchain-based businesses.
Indeed, GBX is fast becoming the exchange of choice and has a number of features that set it apart from its competitors. For example, projects can’t simply apply directly to join the GBX Grid; they need a Sponsor Firm to introduce the project to the GBX. In that way, there is quality control over the token sales offered, which preserves the integrity of the GBX ecosystem.
What is traceto.io?
Traceto.io specialises in Know Your Customer (KYC). It has taken some of the KYC and anti-money laundering (AML) assumptions of the blockchain world, such as having built-in anonymity that overrides the need for KYC, and provides businesses with a robust KYC platform.
As the traceto.io website explains, some ICOs see KYC as too costly and some don’t allocate sufficient budget or personnel resources to ensuring that the KYC process is watertight. The blockchain startup will change that by developing a KYC network that satisfies real-world regulations, provides a due diligence process that is demonstrable to regulators and fuse smart contracts with A.I. to promote regulatory inclusion. Its sponsor firm for the GBX Grid is Broctagon Fintech Group.