Lendingblock Crypto Lending Blockchain Firm Granted A DLT Provider License In Gibraltar
Gibraltar Financial Services Commission (GFSC) is once again in the headlines as it offers Distributed Ledger Technology (DLT) provider registration to blockchain based cryptocurrency lending firm, Lending Block.
In a press release, Lending Block confirmed the approval of its DLT provider license from Gibraltar to offer fully collateralized crypto to crypto lending to their users. The legal and regulatory process was facilitated by the blockchain-focused law firm ISOLAS, in a process dating back to 2018 – when Lending Block received in-principle DLT license.
The Lending Block platform is set to revolutionize the digital asset industry by providing fully regulated and collateralized digital asset loans to its clients. This will in turn support the short term trading market, hedging and working capital needs as seen by the premier launch of Global Digital Assets Lending Agreement (GDALA).
Lending Block One Step Closer to Launch
The DLT provider license opens up a gateway for a previously untapped market as users experience the legacy capital markets lending structure using a digital assets lending model. Following the grant of the license the development team is now ready to launch its product to institutional and retail clients globally.
Speaking on the registration in Gibraltar, Steve Swain, CEO, Lending Block, said:
“The company is focused on growing its institutional client base hence the steps towards official regulation. The platform will provide their clients with a platform to easily borrow and lend funds in the digital asset market.”
He further said,
“Building a safe, secure and transparent digital asset lending exchange and healthy marketplace for clients has been our goal, and this included undergoing a detailed and extensive process to ensure regulatory outcomes were achieved with our regulator the GFSC.”
The lending firm further confirmed they will be working with authorities across the globe to ensure compliance with financial laws across all functioning jurisdictions.
Gibraltar has taken a front foot in regulating the cryptocurrency industry, hence the ever growing number of blockchain projects moving to the country. Crypto derivatives exchange, Quedex and Mexico based crypto exchange, Bisto, are some of the recent firms to gain DLT provider licenses from the country.