KR1 plc - Launch of KRX Ltd in Gibraltar
London, January 14
("KR1" or the "Company")
Launch of KRX Ltd in Gibraltar
KR1 is pleased to announce that it has set up a subsidiary in Gibraltar, KRX Ltd ("KRX"), through which the Company intends to sponsor credible, token-based projects with clear track records, to list onto the Gibraltar Blockchain Exchange ("GBX"), a subsidiary of the Gibraltar Stock Exchange Group. The GBX aims to be one of the world's leading crypto asset as it has been granted a full licence as a provider of Distributed Ledger Technology ("DLT") from the Gibraltar Financial Services Commission under Gibraltar's Financial Services Regulations 2018 DLT framework. The Gibraltar Stock Exchange is the first stock exchange to own a regulated blockchain exchange.
The Directors believe that Gibraltar has done a tremendous amount of work in a short space of time to adapt its regulatory framework to cryptocurrencies and DLTs. The regulatory framework that Gibraltar has set in motion has made that country a fertile environment in which to develop crypto based businesses and Gibraltar's legal firms, accountants and banks are embracing the potential of the technology.
Gibraltar has rapidly become a popular jurisdiction for new and innovative blockchain projects to set up and do business. This popularity, combined with KR1's status as a Sponsor for the GBX, has given the Company the opportunity to launch KRX take advantage of the opportunities available in Gibraltar.
As one of a select few Sponsors, KR1 can negotiate fees for providing this service and, with significant interest already, the Directors believe that it will be a new and potentially significant revenue stream for the Company. Through KRX, KR1 is aiming to build a significant presence in one of the world's most advanced regulated cryptocurrency frameworks and to become a major presence within the blockchain community in Gibraltar. With KR1's full network on which to draw, the Directors believe that KRX is perfectly positioned to help new projects setting up businesses in Gibraltar and to seize the opportunities that arise with the GBX Sponsorship.
The Directors are very excited to grow KR1's presence across Europe and we look forward to making the most of the warm welcome Gibraltar has given the Company and KRX so far.
The Directors of the issuer accept responsibility for the contents of this announcement.
+44 (0)16 2467 6716
NEX Exchange Corporate Adviser:
Peterhouse Capital Limited
Fungai Ndoro and Mark Anwyl
+44 (0)20 7469 0930