Orbital Enters $11 Trillion Market with Gibraltar Approval

Orbital, a payments platform specializing in both cryptocurrency and traditional finance, has obtained crucial regulatory permissions from the Gibraltar Financial Services Commission (GFSC) for its two separate entities, Pay Perform Digital Limited (PPDL) and Pay Perform Gibraltar Limited (PPGL . The approval allows Orbital to operate as both a Distributed Ledger Technology (DLT) Provider and an Electronic Money Issuer (EMI) in Gibraltar. Thus, this makes Orbital the first company to secure both types of licenses in the jurisdiction. At the same time, the company is expanding in the market, currently worth $11 trillion.

Orbital Expands Crypto and Financial Services in Gibraltar

The newly acquired EMI license enables Orbital's subsidiary, PPGL, to offer e-money issuance, distribution, and redemption services in the country. Initially, PPGL will provide e-money accounts in GBP, allowing users to exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and store electronic money within the platform. Both PPGL and its sister entity, PPDL, which obtained a DLT Provider license, will operate under the ongoing supervision of the GFSC, adhering to stringent regulatory principles and requirements.

With its presence in London, Tallinn, and now Gibraltar, Orbital Group offers a diverse range of payment solutions. The company combines traditional payment and global FX solutions with licensed crypto payment services. Notably, it focuses on stablecoins for cross-border payments.

Based on hedge fund Brevan Howard data, the volume of on-chain payments using stablecoins has soared to $11 trillion in just the last year, nearly matching Visa's payment volume of $11.6 trillion. This highlights the enormous potential of the market. A Global Blockchain Survey by Deloitte further supports this trend, indicating that 80% of top executives foresee digital assets playing a significant role in their industries within two years.

“Soon enough, all global corporates will need a single solution for both fiat and blockchain payments,” Chris Mason, the CEO of Orbital, commented. “Orbital has been built by a team that deeply understands the complex and ever-changing needs of large enterprises, and our expertise in both traditional finance and crypto means that we are uniquely positioned to serve their demands.”

Recently, the company announced a successful capital raise of £5 million led by Golden Record Ventures, and a record-breaking month where it processed £250 million across its UK and Estonian entities.

The Significance of Gibraltar's Regulatory Framework

Gibraltar has been a pioneer in creating a supportive environment for blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology. In 2018, it became the first jurisdiction to enact legislation specifically designed for DLT.

According to Nigel Feetham, the Minister for Financial Services at HM Government of Gibraltar, “Orbital is championing the responsible integration of payments and blockchain technologies. Firms that offer secure, efficient, and transparent blockchain payments are more than welcome in Gibraltar."

In 2022, Gibraltar's government introduced updated regulations to govern the realm of cryptocurrency. The Financial Services Regulations of Gibraltar now feature a tenth Regulatory Principle. This mandates that all DLT providers in the jurisdiction must operate in a manner that either maintains or improves the integrity of the markets they are a part.