Orbital, a multi-faceted payments platform serving global enterprises, has obtained dual permissions from the Gibraltar Financial Services Commission (GFSC). The London, Tallinn, and Gibraltar-based firm is the first to garner both Distributed Ledger Technology (DLT) and Electronic Money Issuer (EMI) licenses in Gibraltar, a jurisdiction that has been a pioneer in blockchain regulation. Orbital offering […]

Orbital, a multi-faceted payments platform serving global enterprises, has obtained dual permissions from the Gibraltar Financial Services Commission (GFSC).

The London, Tallinn, and Gibraltar-based firm is the first to garner both Distributed Ledger Technology (DLT) and Electronic Money Issuer (EMI) licenses in Gibraltar, a jurisdiction that has been a pioneer in blockchain regulation.

Orbital offering e-money accounts in British Pounds (GBP)

Orbital secured the permissions for two separate entities within its group: Pay Perform Digital Limited (PPDL) as a DLT Provider and Pay Perform Gibraltar Limited (PPGL) as an EMI. PPGL will kick off its operations by offering e-money accounts in British Pounds (GBP), allowing users to exchange and store e-money within the payments system.

“These permissions represent another major milestone for Orbital, coming on the heels of a record-breaking month in August where we processed £250 million of combined payments,” said Chris Mason, CEO of Orbital.

Orbital stands apart in the payments landscape by offering both traditional payment and licensed crypto payment services, focusing especially on the application of stablecoins for cross-border payments. The firm’s dual licenses will enable it to offer a seamless blend of fiat and blockchain payments, addressing the complex needs of large enterprises.

“Orbital has been built by a team deeply versed in both traditional finance and crypto, uniquely positioning us to meet the evolving demands of global enterprises,” Mason added.

Gibraltar has been a forerunner in creating a conducive environment for blockchain-focused businesses, offering a robust regulatory framework that fosters innovation while upholding market integrity. “Gibraltar has embraced the power of DLT and e-money technology, and firms like Orbital, which offer secure and transparent blockchain payments, are more than welcome here,” said Nigel Feetham, Minister for Financial Services at HM Government of Gibraltar.

Orbital offers

Despite the growing understanding of digital assets’ importance—underscored by a Deloitte survey revealing that 80% of senior executives see digital assets as crucial within the next two years—corporations have been slow to adapt, often due to internal knowledge gaps and industry mistrust.

Orbital aims to fill this void by offering a single, regulated platform that combines traditional finance with digital asset solutions, offering tools for multi-currency accounts, foreign exchange, global payments, and digital asset custody.

The firm’s crypto-related services are currently directed and intended for qualifying non-retail persons outside the UK, as Pay Perform OÜ and Pay Perform Digital Limited are not registered as crypto asset service providers by the UK’s Financial Conduct Authority.