Blockchain firm Valereum is acquiring 90% of the Gibraltar Stock Exchange (GSX) Group in a move to build a fully regulated, integrated fiat and digital exchange, the firm announced Friday.

Valereum announced in October that it was on track to acquire 80% of GSX, but has now increased its ownership to 90%. Financial terms of the acquisition weren't disclosed.The acquisition is subject to approval by the Gibraltar Financial Services Commission (GFSC), which regulates the financial services industry in Gibraltar.Once the acquisition is approved, Valereum said it plans to “establish the GSX as one of the world's first fully regulated, integrated fiat and digital exchanges.”"This simplifying of the acquisition structure is important for all parties and will lead to faster completion of the transaction” Valereum Chairman Richard Poulden said.Since 2019, the GSX has been allowing financial firms to list blockchain-based securities on its GSX Global Market platform and has regulatory permissions from GFSC to cover the use of blockchain or distributed ledger technology.“This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give crypto currency holders the ability to have a direct, verifiable holding in fiat securities,” Valereum said in a statement.

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