British businessman Richard O’Dell Paulden is set to break ground on allowing investors to trade traditional stocks and other investment products for cryptocurrencies. The first global in Gibraltar cryptocurrency exchangePaulden, who is making plans to implement the project, will realize the said initiative through his Gibraltar-based company Valereum.
If Paulden succeeds in acquiring 80% of the Gibraltar Stock Exchange (GSX), it will set a precedent. The deal is currently being evaluated by regulators.
Speaking on the subject, Paulden said,
Valereum’s plan makes cryptocurrency a more attractive asset because you can put some of your cryptocurrency savings in fiat security, borrow against it and buy a house.
said. Valereum Executive Director Patrick Lyle Young stated that if the company owns a majority stake in GSX, it will still operate like a traditional exchange but investors can trade in cryptocurrencies.
Under the plan, investors will be able to exchange cryptocurrencies for stocks held in an exchange-owned trust firm. On the other hand, the company is also preparing a funding round to raise £50m ($67.6m) for possible stock market investment.
However, Valereum is among the assets to be approved for trading on the exchange. bitcoin, dogecoin, cardano, Ethereum and TetherHe announced that he was found. After regulatory approval, the list is expected to be extended even further.