REG - GSTechnologies Ltd - Acquisition of Lithuanian Crypto Exchange Licence

GSTechnologiesAnnouncement

20/01/2022 07:05

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RNS Number : 0232Z  GSTechnologies Ltd  20 January 2022

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Acquisition of Lithuanian Crypto Exchange Licence and Expansion of Fintech
Business

 

GSTechnologies Limited (LSE: GST), the fintech and information technology
solutions company, is pleased to announce that the Company has entered into a
legally binding Sale and Purchase Agreement to acquire the whole of the issued
share capital of UAB Glindala ("Glindala"), a holder of a Crypto Currency
Exchange Licence registered in Lithuania, for a total cash consideration of
€27,500 (the "Acquisition").

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 is
subject only to the approval of the FCIS.

Assuming the FCIS approve the change of control, GST plans to utilise Glindala
to launch a full-service cryptoasset exchange, and to integrate the GS Money
digital currencies onto this exchange. Existing readily available technology
and software will be brought in run the exchange, which is expected to
significantly lower the investment and operating costs borne by the Company.
The Company is targeting the crypto exchange being open for retail and
institutional participation in the second 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.

Tone Goh, Chairman of GST, commented: "Through the Acquisition we intend to
build upon our expertise in blockchain technology and expand our fintech
business by means of cryptoasset trading and wallet management services. By
having access to a full-service crypto exchange, we will be able to provide
customers with access to our planned GS Money digital currencies, in addition,
customers will also be able to use our exchange to trade some of the most
valuable cryptoassets in the world, including Bitcoin, Ethereum, and others."

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
 ETX Capital                                             +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 Chandler

For more information please see: https://gstechnologies.co.uk/
(https://gstechnologies.co.uk/)

 

 

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