GSTechnologies Ltd Completion of Crypto Exchange Licence Acquisition (0400X)
August 24 2022 - 2:00AM
UK Regulatory
TIDMGST
RNS Number : 0400X
GSTechnologies Ltd
24 August 2022
24 August 2022
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Completion of Acquisition of Lithuanian Crypto Exchange
Licence
GSTechnologies Limited (LSE: GST), the fintech and information
technology solutions company, is pleased to announce, further to
the announcement on 20 January 2002, that the Company has now
completed the acquisition of the whole of the issued share capital
of UAB Glindala ("Glindala") , a holder of a Crypto Currency
Exchange Licence registered in Lithuania.
Glindala's Crypto Currency Exchange Licence is supervised by the
Lithuanian Financial Crime Investigation Service ("FCIS") and it
covers two types of crypto activities, cryptoasset exchange
services, both crypto-fiat and crypto-crypto, and cryptoasset
depository wallet services, including generating and storing
encrypted client keys. Completion of the acquisition was subject
only to the approval of the FCIS which has now been received.
GST plans to utilise Glindala to launch a regulated cryptoasset
exchange platform to offer crypto products and GS Money stablecoin
settlements to retail and institutional clients. The regulatory
permission secured is a significant step forward in GST's
stablecoin expansion strategy in Europe.
Following the acquisition of Glindala , GST has entered into an
agreement with an exchange infrastructure technology partner to
provide the technology and software to run the exchange and
integrate it with the Company's other offerings. This is expected
to significantly accelerate the timeline to bring the full exchange
platform into operation . The Company is targeting the crypto
exchange being open for retail and institutional participation in
the last quarter of 2022.
In line with its stated strategy, the Company's principal
business model for the GS Fintech subsidiaries remains to roll out
GS Money based on three initial use-cases: international money
transfers, borderless accounts, and private stablecoin. The Company
believes the exchange will be a significant enabler for its GS
Money stablecoin business and will integrate well with the recently
acquired Angra business.
Tone Goh, Chairman of GST, commented : " With the acquisition of
Glindala our total addressable market is now much broader and it
creates a step change in our combined offerings to our clients. For
example, instead of solely relying on costly wire transfers to
conduct cross-border trading transactions, Angra's clients will
soon be able to pay out and get paid in cryptoassets including
Bitcoin, Ethereum, stablecoins, and other digital assets. We look
forward to providing further updates in due course as we establish
our cryptoasset exchange business and progress the roll out of GS
Money."
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
Financial Adviser
VSA Capital Limited +44 (0)20 3005 5000
Simon Barton / Pascal Wiese
Broker
OvalX +44 (0)20 7392 1400
Tom Curran / Thomas Smith
Financial PR & Investor Relations
IFC Advisory Limited +44 20 (0) 3934 6630
Tim Metcalfe / Graham Herring / Florence gst@investor-focus.co.uk
Chandler
For more information please see:
https://gstechnologies.co.uk/
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