Gibraltar poised to become first cryptocurrency hub

 A deal by blockchain firm Valereum to take over the Gibraltar Stock Exchange will make it a global center of cryptocurrency trading.

Gibraltar, once seen as a tax haven, will start a new life as a global hub for cryptocurrency trading. 

The British overseas territory is reviewing a proposal for blockchain firm Valereum to acquire the Gibraltar Stock Exchange, which would allow the territory to serve as a platform to trade bitcoin and dogecoin alongside traditional bonds, according to The Guardian.   

The Guardian notes that a best-case scenario would mean the territory becomes a center for the ultra-hot market for cryptocurrency, while a worst-case scenario with loose regulations could lead to reputational damage and potential diplomatic sanctions. 

This is just the latest indication of the rise in prominence and influence of cryptocurrency, with bitcoin, ether and dogecoin, among many other cryptocurrencies, seeing an explosion of value over the last two years. 

Thanks to exposure from high-profile figures such as Elon Musk, who talked about dogecoin on Saturday Night Live, and Jack Dorsey, who changed the name of his payments company from Square to Block, mainstream consumers have taken an interest in crypto. 

Valereum and the Gibraltar Stock Exchange didn't immediately respond to requests for comment on the report and pending deal. 

Billionaire Elon Musk struck a $44 billion deal last week to buy Twitter, the influential social network he uses to communicate with his nearly 89 million followers.

On April 25, Twitter said Musk had agreed to buy the company at a price of $54.20 per share in cash.

 The deal represents a 38% premium to Twitter's closing stock price on April 1, when the entrepreneur, who runs Tesla, SpaceX and other companies, revealed he owns more than 9% of Twitter.

 If the deal closes, Twitter will be taken private, ending its run as a publicly traded company.

The deal capped off what has become a roller coaster relationship between the tech mogul and Twitter.

Though Musk is one of the social media company's largest shareholders, he then turned down a seat on Twitter's board of directors and decided to try to buy the whole company.

Initially hesitant, the board came around after Musk secured more than $46 billion in cash and equity to pay for the deal. Twitter shareholders still need to approve the deal, which isn't expected to close for six months. 

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