Gibraltar Blockchain Exchange Adds XRP to its Crypto Exchange

XRP is the first token to be launched on the exchange this year, with more planned launches to come.

The Gibraltar Blockchain Exchange (GBX), a cryptocurrency exchange and marketplace for initial coin offerings, announced this Wednesday that it has added a new cryptocurrency to its Digital Asset Exchange (GBX-DAX), Ripple (XRP).

Ripple is a real-time gross settlement system, currency exchange and remittance network. It uses its network, RippleNet, to facilitate money transfers globally. XRP is the digital asset used within the Ripple ecosystem.

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At the time of publishing, XRP fetches $0.37 against the US dollar, up by 1.98 percent, according to CoinMarketCap. XRP is one of the most popular cryptocurrencies within the sector. At present, it has a market cap of $15.13 billion, with more than 40.79 billion XRP in circulation.

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Nick Cowan, Managing Director and Founder of GSX, GBX
Nick Cowan
Source: LinkedIn

“Ripple is a major player within the blockchain industry. In ways similar to our work at the GSX Group, it aims to re-shape the old methods of finance and banking, transforming payments through blockchain technology. XRP is a globally traded token and by joining the GBX-DAX it further extends its liquidity and reach,” said Nick Cowan, Managing Director and Founder of GSX (Gibraltar Stock Exchange) Group Limited.

GBX receives a license from the Gibraltar Financial Services Commission

The addition of XRP follows a number of changes on the GBX, which was launched by the Gibraltar Stock Exchange in February of 2018 with an ICO, through which it raised $27 million.

As Finance Magnates reported in November last year, the exchange was granted a full license from the Gibraltar Financial Services Commission. According to the statement released at the time, by securing the license, the Gibraltar Stock Exchange is the first national stock exchange to own a regulated cryptocurrency exchange.

“…following this, we introduced insurance coverage for assets listed on the GBX-DAX. As we move into 2019, we plan to build on this momentum with new digital assets listed on the GBX-DAX, with Ripple as the first of these new tokens,” added Cowan.

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