REG - GSTechnologies Ltd - Completion of Crypto Exchange Licence Acquisition

GSTechnologiesAnnouncement

24/08/2022 07:00

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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 Chandler       gst@investor-focus.co.uk

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

 

 

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