VRBex Inc., a new cryptocurrency exchange that is being led by former BBVA bankers, has announced an initial coin offering that is kicking off today. VRBEX said it will operate an exchange and security-token trading platform, along with storage and payments in cryptocurrency. The VRBex platform will initially provide a mechanism for the two-way exchange of US dollars for certain cryptocurrencies including Bitcoin, Ether, and Bitcoin Cash. Going forward, VRBex will seek to expand the list of digital assets. Everything will be delivered “once proper licensing, custody regulations and other requirements are complied with.”
The executive bench is pretty impressive with plenty of traditional finance names associated with the company. There is also a 30 year CIA veteran, Earl Powell, who is apparently handling Security on the platform.
VRBex CEO Gene Grant, who most recently was a Managing Director at BBVA, stated;
“Once the cryptocurrency market value exceeded $750 billion it represented the emergence of a new financial asset class. This is a powerful and clear confirmation that cryptocurrencies are viable. The seven-person VRBex management team brings more than 200 years’ combined experience working in highly regulated environments. Building financial services business, and adapting to ongoing regulatory and compliance changes, have been key components of our professional careers.”
His co-founder and COO David Powell said that VRBex is “purpose built” and welcomes sound regulatory oversight as it brings confidence to the crypto market;
“As more mainstream customers enter this marketplace, the importance of investor protections and financial security will increase. The sheer scale of the market cries out for the protections and lessons learned from our many years of experience in the traditional financial markets.”
As for the initial coin offering (ICO), VRBex says that 135 million VRBex security tokens will be made available for purchase via Bitcoin, Ether, USD or Euros.
If you are interested, you must first satisfy the applicable suitability standards. Access to the white paper requires registration on the site. VRBex emphasizes the fact it seeks to be fully compliant with the laws and regulations of the U.S. and with any additional jurisdictions in which it transacts future business.
For customers who pre-register on the VRBex website you also get 30 days of commission-free trading activity on the VRBex cryptocurrency platform when it is made available.
The ICO has been segregated into two separate tranches:
- VRBex Tokens will be offered to selected investors in a pre-sale offering that commences today (April 23, 2018 at 8:00AM) and ends on the earlier of: (1) 7:00 a.m. (EST) on June 18, 2018; and (2) the time and date on which the Pre-Sale is closed or otherwise terminated by VRBex, in each case, unless extended by VRBex.
- Following the Pre-Sale, VRBex Tokens will be offered in a “main sale” that is expected to commence on June 18, 2018 at 8:00AM (EST). This will end on the earlier of: (1) 8:00PM (EST) on July 23, 2018; or (2) the time and date on which the Main Sale is closed or otherwise terminated by VRBex.
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