Orbital Enters $11 Trillion Market with Gibraltar Approval

<p>Orbital, a payments
platform specializing in both cryptocurrency and traditional finance, has
obtained crucial regulatory permissions from the Gibraltar Financial Services
Commission (GFSC). The approval allows Orbital to operate as both a Distributed
Ledger Technology (DLT) Provider and an Electronic Money Issuer (EMI) in
Gibraltar. Thus, this makes Orbital the first company to secure both types of
licenses in the jurisdiction. At the same time, the company is expanding in the
market, currently worth $11 trillion.</p><p>Orbital Expands Crypto and
Financial Services in Gibraltar</p><p>The newly
acquired EMI license enables <a href="https://www.financemagnates.com/tag/orbital/" target="_blank" rel="follow">Orbital's </a>subsidiary, Pay Perform Gibraltar
Limited (PPGL), to offer e-money issuance, distribution, and redemption
services in the country. Initially, PPGL will provide e-money accounts in GBP,
allowing users to <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> and store electronic money within the platform. Both
PPGL and its sister entity, Pay Perform Digital Limited, will operate
under the ongoing supervision of the GFSC, adhering to stringent regulatory
principles and requirements.</p><p>With its
presence in London, Tallinn, and now Gibraltar, Orbital Group offers a diverse
range of payment solutions. The company combines traditional payment and global
FX solutions with licensed crypto payment services. Notably, it focuses on
stablecoins for cross-border payments.</p><p>Based on hedge
fund Brevan Howard data, the volume of on-chain payments using stablecoins has
soared to $11 trillion in just the last year, nearly matching Visa's payment
volume of $11.6 trillion. This highlights the enormous potential of the market. A Global Blockchain Survey by Deloitte further supports this trend, indicating
that 80% of top executives foresee digital assets playing a significant role in
their industries within two years. </p><p>“Soon
enough, all global corporates will need a single solution for both fiat and
blockchain payments,” Chris Mason, the CEO of Orbital, commented. “Orbital has
been built by a team that deeply understands the complex and ever-changing
needs of large enterprises, and our expertise in both traditional finance and
crypto means that we are uniquely positioned to serve their demands.”</p><p>Recently,
the company announced <a href="https://www.financemagnates.com/fintech/payments/payments-platform-orbital-banks-5m-in-first-outside-capital-raise/" target="_blank" rel="follow">a successful capital raise of £5 million</a> led by Golden
Record Ventures, and a record-breaking month where it processed £250 million
across its UK and Estonian entities.</p><p>The Significance of
Gibraltar's Regulatory Framework</p><p>Gibraltar
has been a pioneer in creating a supportive environment for <a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a>
technology. In 2018, it became the first jurisdiction to enact legislation
specifically designed for DLT. </p><p>According
to Nigel Feetham, the Minister for Financial Services at HM Government of
Gibraltar, “Orbital is championing the responsible integration of payments and
blockchain technologies. Firms that offer secure, efficient, and transparent
blockchain payments are more than welcome in Gibraltar."</p><p>In 2022,
Gibraltar's government <a href="https://www.financemagnates.com/cryptocurrency/regulation/gibraltar-introduces-legislation-governing-virtual-assets/" target="_blank" rel="follow">introduced updated regulations to govern the realm of
cryptocurrency</a>. The Financial Services Regulations of Gibraltar now feature a
tenth Regulatory Principle. This mandates that all DLT providers in the
jurisdiction must operate in a manner that either maintains or improves the
integrity of the markets they are a part.</p>

This article was written by Damian Chmiel at www.financemagnates.com.