Steve Swain, chief executive officer & co-founder, Lendingblock

Digital assets lending platform, Lendingblock has received an in-principle decision from the Gibraltar Financial Services Commission (GFSC) to be approved as a Distributed Ledger Technology (DLT) provider.

Steve Swain, chief executive officer & co-founder of Lendingblock commented: “As a true believer in the importance of getting our industry into regulatory shape, seeking authorisation from a leading regulator was always a priority for us. The GFSC has developed one of the most advanced DLT regulatory frameworks in the world and this in-principle decision is a tremendous achievement.”

Lendingblock has simultaneously completed the platform testing period with over 30 institutions worldwide and announced its intention to launch early next year with prospective users to commence borrowing and lending BTC, ETC, BCH and LTC across various maturities.

In its effort to meet the launch requirements and provide its users a secure lending exchange, Lendingblock recently partnered with Vo1t which will provide a cold storage capability for the platform.

“Securities lending is an important aspect of most traditional market participants’ return generating strategy and we see it as a particularly relevant to the crypto economy. Our technology and collaborative work with regulators and partners has enabled us to create the market and financial infrastructure needed to meet the demand for trading digital assets on an institutional level,” added Steve Swain.

Lendingblock is in talks with various other regulators to get the appropriate licences for operating in its planned markets.

by Sumit Vengurlekar