REG - GSTechnologies Ltd - Completion of the Acquisition of CAKE

GSTechnologiesAnnouncement

02/01/2025 07:00

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RNS Number : 8212R  GSTechnologies Ltd  02 January 2025

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

2 January 2025

GSTechnologies Limited

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

Completion of the Acquisition of CAKE and the Bake Cryptocurrency Platform

GSTechnologies Limited (LSE: GST), the fintech-focused company, is pleased to
announce, further to the Company's announcement on 11 December 2024, the
successful completion of the acquisition of the business and assets of Cake
Pte Ltd and Cake DeFi UAB (together "CAKE"), including the Bake Cryptocurrency
Platform ("Bake") (the "Acquisition").  The completion of the Acquisition
marks an important milestone for GST as it accelerates the Company's digital
asset strategy and positions the Company for future growth in the rapidly
evolving digital asset ecosystem.  GS Fintech UAB ("GS Fintech"), the wholly
owned subsidiary of GST, has paid the cash consideration, funded entirely from
the Company's own resources.

The Bake Cryptocurrency platform, which includes the Bake.io
(https://bake.io/) web application and Bake mobile app, is a retail-first
digital asset investment platform that offers users simple and direct access
to the cryptocurrency market.  With features such as staking, swaps, and
on-ramp solutions into crypto, Bake provides innovative and user-friendly
tools for investing in the thriving cryptocurrency ecosystem.

CAKE currently has approximately 700,000 registered users, 100,000 funded
users and 50,000 users holding approximately US$80 million of digital assets
on the Bake platform as at 30 November 2024.  The Acquisition positions GST
to deliver a 24/7, transparent, and highly scalable ecosystem for digital
assets, designed to be fully compliant with European regulations.

GST expects the integration of CAKE and the Bake Cryptocurrency platform into
the digital asset arm of the Group, GS Fintech, to be completed on or before
31 March 2025.  This integration will unify the strengths of GST and CAKE,
leveraging GST's extensive client relationships and banking network to expand
Bake's capabilities.  By offering an enhanced suite of digital asset services
tailored to both retail and corporate users, GST aims to strengthen its
position as a leader in the digital asset market.

Shayne Tan, COO of GST, and CEO of GS Fintech, will lead the Group's digital
asset strategy across Europe and Asia.  He will be supported by GST's CEO,
Jack Bai, and in the integration by Dr. Julian Hosp, CEO of CAKE Group Pte
Limited ("CAKE Group").  Together, this leadership team will ensure the
successful integration and growth of Bake within GST's broader operations.

Dr. Julian Hosp, CEO of CAKE Group, commented: "The decision to sell Bake to
GST was the right one.  It makes me incredibly happy to see how our
incentives have aligned to create a true WIN-WIN for everyone involved.  With
GST now leading the way, we're brimming with excitement about the new
opportunities on the horizon.  A big thank you to our loyal customers for
standing by us every step of the way.  Your support has been invaluable in
making this transition a success."

Tone Goh, Chairman of GST, commented: "This acquisition marks a transformative
milestone for GST, reinforcing our vision to build a leading fintech company.
 With this step, GST remains steadfast in developing our digital asset plans
as we remain focused on delivering sustainable, long-term value to our
shareholders."

Enquiries:

 

The Company

Tone Goh, Executive Chairman

+65 6444 2988

 

Financial Adviser

First Sentinel Corporate Finance

+44 (0)20 3855 5551  

Brian Stockbridge / Gabrielle Cordeiro

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630

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