Vancouver, BC, Canada-headquartered blockchain investment public company Global Blockchain Technologies Corporation, or BLOC, has announced the business operations of its newly formed exchange division called GBT Exchange Corp.
Global Blockchain president and CEO Shidan Gouran said about the new division in a press release CoinReport received from IRTH Communications, BLOC’s investor relations firm, “Our interests in this category form part of an additional and potentially stand-alone, critical mass business line for the company. As the assets continue to grow and mature, we believe the Company has put into place the right corporate structure to provide for a potential spinout of the Division in the future.”
GBT Exchange Corp. is currently involved in the following business operations:
- Hyperion Exchange
Hyperion will be North America’s first advanced security tokens exchange. It is set to challenge the technologically stagnant stock markets of the world with tokenized securities traded on the blockchain. Although the stock market of the world has grown from $32 trillion in 2008 to $79 trillion today, these markets still depend on exchanges with characteristics like clearinghouses, whose usefulness is reflected by the blockchain both at a lower cost and more efficiently. Hyperion is anticipated to launch at around the same time as decentralized security token exchange tZERO, which has raised over $250 million in its ICO.
Hyperion co-founder and CEO Michael Zavet said, “We are pleased to be part of BLOC’s exchange division, and with BLOC’s assistance we hope to build and propel the Hyperion exchange to compete with existing major stock exchanges and disrupt the world’s stock markets that have been largely under-exposed to innovation.”
- Laser Network
Laser will work as a SWIFT-like network for digital currencies. It is a service layer that allows for blockchains of different digital currencies to work together without the use of a centralized exchange. Laser will have its own digital currency called the Photon, which will have a fixed supply of 42 million units, of which 30% (12.6 million) are owned by Global Blockchain. Moreover, BLOC owns equity in Laser Technologies Corp., which will act as a consortium that operates service nodes as well as a foundation for the Laser Network. Photon’s crowdsale is anticipated to start in a few weeks’ time, following approvals from securities regulators. More information about Laser is available at www.laser.xyz.
- Singularity Exchange
Singularity is built on a combination of the Stellar distributed ledger network and Laser Network. It will function as a decentralized exchange for digital assets and fiat currencies. Users can trade fiat as tokenized assets (e.g. dollars, euros, etc., will be represented by assets on Stellar), benefiting from a considerably comprehensive scope of digital asset trading.
There will be a federated sidechain that will link the Laser network with the Stellar network, allowing for assets on Laser to smoothly be traded on Stellar via Singularity. The exchange will also offer a custodianship and proxy issuance service for over 30 fiat currencies and over 200 cryptocurrencies, created as a dApp (decentralized application) on the Laser Network.
- State-Sponsored Exchanges
Global Blockchain previously revealed an enterprise to establish an exchange in association with a major state actor. The company says it has made substantial advancement in the initiative and will provide updates to shareholders as they occur.
“With these exchange projects on the go, we now have significantly increased movement in multiple areas of the cryptocurrency sector. With the scale of some of our current exchange projects, we hope to continue breaking ground in the blockchain industry during Q3 and Q4 of 2018,” added Gouran.
Global Blockchain chairman Steve Nerayoff commented, “The reliability of exchanges is somewhat of an invisible gap in the cryptocurrency world. Several exchanges are just garage or basement operations that handle millions upon millions of dollars in trading volume. BLOC’s focus on exchanges addresses this, and it enables investors to benefit from the growth of the professionally-managed exchanges that will prop up the cryptocurrency market and introduce major trading forces such as institutional capital.”
In its investment & private placement disclosure, BLOC says: “BLOC has made a $5 MM investment (‘the transaction’) in Hyperion Crypto Exchange Inc. (‘Hyperion’), consisting of $2.5 MM in cash and $2.5 MM in BLOC common shares (‘Shares’) (8,333,333 Shares issued at a deemed value of $0.30 per share). Upon closing of the transaction, BLOC will hold 5,000,000 Shares of Hyperion, being 12.82% of their total issued and outstanding share capital. Pursuant to the Share Purchase Agreement, BLOC will also be entitled to elect two nominees to the board of directors of Hyperion. BLOC will be helping to build and propel the Hyperion exchange to compete with existing major stock exchanges. Hyperion is also a major investor in DBOT trading, which is a licensed alternative trading system (ATS).
The Company also announces that it has closed a private placement and has issued 8,333,333 Shares at a subscription price of $0.30 per Share for gross proceeds to the Company of $2,500,000.
No finders’ fees have been paid in connection with the private placement or the transaction with Hyperion. All securities issued will be subject to a statutory four-month hold period expiring on November 25, 2018.”
BLOC logo – via press release
Millennium Gate photo – MRDXII (CC BY-SA 3.0)