Lendingblock, the open trade for institutional lending and borrowing of digital assets has obtained a License as a DLT (Distributed Ledger Technology) provider from the GFSC (Gibraltar Financial Services Commission) upheld by the blockchain law office, ISOLAS. This License is a significant achievement for Lendingblock as the organization gets ready for the launch of its platform, which will bring a central missing bit of regulated financial markets framework to the digital resource economy.
As indicated by the most recent report, Lendingblock, a crypto lending platform, declared that before their approaching platform’s launch, Gibraltar Financial Services Commission had given Lendingblock its Distributed Ledger Technology regulatory license.
A glimpse of the news can be read from the below twitter link –
Lendingblock is pleased to announce that we have been granted our DLT regulatory license by the Gibraltar Financial Services Commission ahead of our upcoming platform launch. https://t.co/vmQVZW7VdO
— Lendingblock (@lendingblock) August 15, 2019
Advertisement
Getting a Distributed Ledger Technology license includes a broad procedure to make and evidence compliance with the nine standards set by the GFSC. These standards are intended to guarantee that regulated business meet and keep up these high standards, which includes corporate governance, risk management, security, customer care, and crime prevention.
Moreover, furnishing collateralized borrowing and lending permits Lendingblock to backup hedging, short term trading, and working capital needs. This symbolizes traditional money related markets, which the organization means to reexamine with a superior model to support the digital asset lending industry.
CEO of Lendingblock, Steve Swain, said –
Over the past 18 months, Lendingblock has set out on a journey to reinvent the traditional capital markets securities lending model by building something better that meets client needs through the digital asset lending market. We always put the needs of its institutional client’s front and center, so it was important for us to take the proactive step in becoming a regulated entity.
Advertisement
Recently, Lendingblock has created the first GDALA (Global Digital Assets Lending Agreement) to set another benchmark in the crypto industry. Furthermore, Lendingblock stated that it is working with other worldwide regulators to make sure its platform is adaptable and gets the essential regulatory endorsements in the areas where it operates. By getting the regulatory approval from the GFSC, Lendingblock might work with few other regulators comprehensively to make sure that exchange meets its goal to work on a licensed basis for all domains it operates.
