London, United Kingdom and Vancouver, British Columbia--(Newsfile Corp. - October 17, 2022) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company" or "GlobalBlock"), is pleased to announce that following the successful launch of its new mobile trading app, it has launched the first of its new products: GB10. GB10 allows instant investment into a diversified portfolio of the top 10 cryptocurrencies weighted by market cap that are then rebalanced at the start of each month. This gives investors a balanced exposure to a basket of digital assets with growing momentum and is ideal for those wishing to have some exposure to crypto across the largest, most established cryptocurrencies. The launch of GB10 coincides with the addition of DCA (Dollar Cost Averaging) capabilities for clients to set up an automated investment each month into GB10.
David Thomas, the new CEO of GlobalBlock (see below under "Leadership Transition"), commented: "After significant investment in our tech with the recent launch of our new mobile app, which continues to see strong downloads and conversion rates, we are pleased to bring GB10 to market. Our decision to create this product was in response to demand from existing clients, and the realisation that many investors entering or currently in the crypto space want a product that gives a broad entry point to the most established crypto projects. The GB10 product is the first of a few products we are looking to bring to market, so it is great to have this first one launched."
The Company continues to see strong popularity of its new mobile app with download numbers exceeding expectations and as a result several leadership changes have taken place. This transition will position the Company for long term success by capitalising on its current technology, its new regulatory framework and bolstering its financial position by navigating the current state of the crypto markets via a broader cost overhaul.
The first change relates to outgoing CEO Rufus Round, who after safely overseeing the transition of the business for the last year and a half and successfully completing several key milestones such as: last year's business combination; the transition of the digital asset brokerage business to the European Union; the launch on the new mobile app; and now the launch of GB10, has decided to step down and pursue other opportunities in the digital asset and fintech space. Rufus also steps down as member of the Company's Board of Directors.
David Thomas, previously the Company's Chief Operating Officer, an existing member of the Board of Directors and one of the original founders of GlobalBlock Ltd, has been appointed the new CEO. Prior to GlobalBlock, David worked for 15 years within the deliverable foreign exchange services and was a partner within that business until its eventual sale to a major private equity firm.
David Thomas, CEO and a director of the Company said, "Rufus has been instrumental in the completion of last year's business combination and leading GlobalBlock through its first fifteen months as a publicly listed digital asset broker that is ready to build on its successes to date. On behalf of the Board of Directors of the Company I would like to thank Rufus for his hard work and dedication to GlobalBlock and wish him well in his future pursuits."
Rufus Round outgoing CEO commented: "I have really enjoyed working with the team to establish GlobalBlock as a publicly listed crypto broker, now with the tech and regulatory framework from which to flourish. With the foundations laid for the business to benefit from greater digital asset adoption in the future, I look forward to following their success in the years ahead."
The Company also announces that Amaan Jalwa, Chief Financial Officer has departed the Company in order to pursue other opportunities that have come available to him. Samad Wali has been appointed as Chief Financial Officer and Corporation Secretary of the Company effective immediately. Samad is a finance specialist with a strong focus on technology and digitization. He has worked on different fronts at the British Council, with his last role working as the head of financial planning and business analysis for the South Asia region. Samad holds an MBA in Finance degree from University of Wales and is a certified SAP FICO consultant. Samad has previous experience of working with the Company and its business and is well placed to provide the required continuity to this role.
Finally, Patrick Bullman has been appointed as a director of the Company to fill the vacant seat on the Board resulting from the departure of Rufus Round. Patrick is one of the original founders of GlobalBlock Ltd. and has over 20 years' experience working in bond, equity and CFD markets as a broker. Additionally, he founded Peregrine & Black Capital in 2012 and became a director of Peregrine & Black Investment Management in 2015.
Mr. Bullman has also been appointed to the Audit Committee of the Company, which members now consist of Trevor Gabriel, Stuart Olley and Mr. Bullman.
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly-owned operating subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established by an experienced team of financial services professionals, GlobalBlock Europe, UAB acts as a trusted agent serving the digital asset needs of individuals, corporations, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets. At this time, clients or customers based in Lithuania and the UK can be onboarded to its digital asset broker and trading services.
For further information please contact the Company at:
David Thomas, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +44 20 3307 3780
Citigate Dewe Rogerson
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the continued and successful development of the businesses, technologies and products of each of the Company and its subsidiaries, the adoption of the Company's technologies, the continued adoption of digital assets, the effectiveness of the Company's marketing plan, the exposure that the Company and its subsidiaries have to stablecoin and yield products and plans, future action and future successes of the Company, and its businesses, technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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