GSTechnologies Pre-Launches Its GS20 Cryptoasset Exchange
November 16 2022 - 3:50AM
Dow Jones News
By Anthony O. Goriainoff
GSTechnologies Ltd. said Wednesday that it was executing a soft
launch of its GS20 cryptoasset exchange after receiving approval
from the Lithuanian Financial Crime Investigation Service for the
acquisition of UAB Glindala.
The London-listed fintech and IT-solutions company said the
Lithuania-based GS20 cryptoasset exchange will focus on offering
spot trading and over-the-counter trading desk services for popular
cryptoassets to a controlled group of retail-account holders, as
well as a select number of institutional participants which include
existing customers of its Angra subsidiary. Cryptoassets include
Bitcoin, Ethereum and USDT as well as other regulated stablecoins,
the company said.
In January the company announced it was buying UAB Glindala, a
holder of a crypto currency-exchange license registered in
Lithuania.
GSTechnologies said that as part of the soft launch--a marketing
strategy whereby a product is released ahead of its scheduled
launch with little or no marketing--participants will be required
to give feedback on their experience using the exchange, which the
company will then use to further develop it.
"We look forward to welcoming additional participants to the
GS20 Exchange which will drive ongoing trading in this important
asset class and provide our partners greater liquidity in their
cross-border payment operations," the company said.
Shares at 0807 GMT were up 0.03 pence, or 2.6%, at 1 pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
November 16, 2022 03:35 ET (08:35 GMT)
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