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Lendingblock, a fully collateralized crypto-to-crypto lending platform, has been granted a distributed ledger technology (DLT) license by the Gibraltar Financial Services Commission (GFSC).
As per its press release, the approval brings “a critical missing piece” as it prepares to launch its new lending exchange.
The company received its license after complying with the extensive nine principles outlined by the GFSC, which ensures that regulated businesses meet high standards, including risk management, corporate governance, customer care, security, and crime prevention.
“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,” Steve Swain, the company’s CEO, said.
Blockchain-focused law firm ISOLAS reportedly helped Lendingblock obtain its DLT license.
“The objective of the DLT framework has always been to develop a purpose-built appropriate regulatory framework that not only provides regulatory certainty for firms using nascent technology for dealing with new asset classes but also seeks to protect the interests of the users of those businesses. It is a pleasure to welcome Lendingblock to Gibraltar,” Joey Garcia, partner at ISOLAS, said.
Meanwhile, Lendingblock plans to continue working with other regulatory bodies to ensure it operates on a duly licensed basis.
Just recently, the GFSC has also granted licenses to crypto derivatives firm Quedex, making it the first crypto futures and options exchange to do so, and to crypto exchange CEX.IO.
