GSTechnologies Launches GS Money Protocol, Starts Platform Trials
November 30 2021 - 4:59AM
Dow Jones News
By Michael Susin
GSTechnologies Ltd. said Tuesday that it has launched the GS
Money protocol, its platform for its digital currencies project,
and expects to deploy it for commercial operations in the coming
months.
The technology-infrastructure company said it plans to deploy
the blockchain technology shortly to test cross-border payments and
then gradually roll it out for commercial operations.
The platform will work on four digital currencies pegged to the
U.S. Dollar, the British pound, the uuro and the yuan. Each chain
total supply will allow the issue of up to 10 billion
digital-currency units, it said.
GSTechnologies said it will maintain its role as the sole issuer
of the platform. GS Money will be initially focused on
international money transfers, borderless accounts and private
stablecoin--cryptocurrency that is pegged to a major traditional
currency.
GSTechnologies signed a collaboration agreement in May with
Singaporean blockchain payment-services provider Wise MPay Pte. to
support the launching of GS Money Protocol through the issue of 100
million new shares in GSTechnologies to Wise MPay, worth 1.5
million pounds ($2 million).
Shares at 0905 GMT were up 0.12 pence, or 6%, at 2.30 pence.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
November 30, 2021 04:44 ET (09:44 GMT)
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