REG - GSTechnologies Ltd - GS20 Exchange soft launch

GSTechnologiesAnnouncement

16/11/2022 07:01

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RNS Number : 5113G  GSTechnologies Ltd  16 November 2022

16 November 2022

GSTechnologies Ltd

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

GS20 Exchange soft launch and completion of change in subsidiary name

 

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce
the soft launch of its cryptoasset exchange and the completion of the change
in company name for the Group's operating entity UAB Glindala ("Glindala").

 

The soft launch follows the Company's receipt of approval from the Lithuanian
Financial Crime Investigation Service ("FCIS") for the acquisition of Glindala
and to commence a cryptoasset exchange and depository wallet business, as
announced on 24 August 2022.  Glindala has also completed its name change to
GS Fintech UAB and will trade as the GS20 Exchange.  GS Fintech UAB will be
led by Shayne Tan, an Executive Director of the Company, who has been
appointed as the new CEO of the GS20 Exchange.

 

The GS20 cryptoasset exchange, based in Lithuania, will focus on offering spot
trading and over-the-counter trading desk services for popular cryptoassets,
such as Bitcoin, Ethereum and USDT and other regulated stablecoins, to a
controlled group of retail account holders, as well as a select number of
institutional participants, including existing customers of the Group's
subsidiary Angra.  The GS20 Exchange is not a pure cryptocurrency exchange,
so users can expect to see greater technology integration with regulated
stablecoins as well as the introduction of more convenient onramp and offramp
services for those stablecoins in due course.  During this soft launch
period, these participants will have full access to the GS20 Exchange, serving
as its first official users.

 

Those accepted by GS20 Exchange to take part in its soft launch and commence
trading on the platform will be required to give feedback on their experience
using the exchange.  This feedback will provide substantive data which will
allow the GST team to better assess users' needs for the development of the
finalised user experience of the GS20 cryptoasset exchange.

 

Market Objectives of the GS20 Exchange

 

In line with the Company's strategy, the principle business model for GS20
Exchange remains to roll-out the three initial use cases of GS Money:
international money transfers; borderless accounts; and private stablecoin.
 GS Money is intended to make cross-border payments quick and affordable to
an addressable market of millions of participants by netting and settling
trades through its stablecoin-based payments network.  Unlocking the demand
for a large user base requires a platform that can meet the clearing and
settlement needs of both retail and institutional customers with high
compliance and security standards.  The GS20 Exchange is designed to provide
such a platform.

 

As part of the upcoming official launch, GST is pleased to provide a preview
of the user dashboard with proprietary security measures including two and
three-factor authentication, as well as features such as remote and VIP
onboarding.  Registrations of interest to open an account upon the official
launch is available from today via the GS20 Exchange website:
https://gs20.exchange/ (https://gs20.exchange/) .

 

Shayne Tan, Director of GST and CEO of the GS20 Exchange, commented: "We are
excited to be commencing the soft launch of the GS20 Exchange, a key milestone
in the roll-out of GS Money.  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.

 

"Further updates will be provided in due course as we approach the official
launch of the GS20 Exchange 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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