Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Gstechnologies Ltd LSE:GST London Ordinary Share VGG4164C1005 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.86 0.83 0.89 0.86 0.845 0.86 485,301 08:00:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 3.4 -1.1 -0.1 - 13

GSTechnologies Ltd Completion of Crypto Exchange Licence Acquisition

24/08/2022 7:00am

UK Regulatory (RNS & others)


Gstechnologies (LSE:GST)
Historical Stock Chart


From May 2022 to Nov 2022

Click Here for more Gstechnologies Charts.

TIDMGST

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     gst@investor-focus.co.uk 
 Chandler 
 
 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQZZGZRKDGGZZG

(END) Dow Jones Newswires

August 24, 2022 02:00 ET (06:00 GMT)

1 Year Gstechnologies Chart

1 Year Gstechnologies Chart

1 Month Gstechnologies Chart

1 Month Gstechnologies Chart
Your Recent History
LSE
GST
Gstechnolo..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221129 02:23:29