GSTechnnologies receives 100 million COAL tokens as part of the ongoing collaboration with Wise MPay
GSTechnologies Limited (LSE: GST), the fintech and information technology solutions company, is pleased to announce that as a part of its ongoing collaboration with Wise MPay Pte Ltd ("Wise MPay"), the Company has received 100 million COAL tokens, and has begun staking those tokens on the Coalculus blockchain platform to strengthen its ongoing commitment to launch its planned neobanking platform, including GS Money digital currencies.
· GST has received 100 million COAL tokens from Wise MPay and enabled the COAL token staking capability on four full nodes managed by the Company.
· The value of the COAL tokens provided by Wise MPay, as one of their deliverables under the collaboration agreement, is approximately £475,000 at the current COAL token trading price.
· This follows the successful launch of the GS Money protocol on the Coalculus blockchain platform as announced on 30 November 2020.
GST announced its collaboration agreement with Wise MPay, a Singaporean blockchain payment solutions provider, on 28 May 2021, under which Wise MPay is providing the Company with software and services, including the 100 million COAL tokens, to support the Company's plans to develop a neobanking platform to provide next-generation digital money solutions.
GST is pleased to have now achieved its latest milestone through its active participation in the Coalculus decentralised blockchain network by actively running four full nodes that contribute to network security and stability, transaction validation and overall decentralisation. This move is aligned with the Company's Directors belief that proof-of-stake (PoS) systems have progressed to a point that they have become the de facto market solution to secure large scale blockchain operations using negligible energy resources and without having to maintain expensive hardware; for that same reason staking is believed to be a potentially significant opportunity for GST and also potentially for its future clients.
This follows the successful testing of all four of the enterprise chains provided by Wise MPay (representing four digital currencies pegged to the US Dollar, the Pound, the Euro, and the Yuan), and the launch of the GS Money protocol, as announced on 30 November 2021. The four enterprise chains work alongside one another to form a decentralised and highly efficient multicurrency cross border payment system for digital transactions that utilise the Coalculus blockchain ledger technology. Additionally, as previously announced, each enterprise chain's total supply will allow GST to issue up to 10 billion digital currency units.
Tone Goh, Chairman of GST, commented: "We are excited to be involved in securing the Coalculus blockchain platform and picking up new digital asset staking capabilities for the Company. Whilst our proposed acquisition of Angra goes through the FCA approval process, the team is working tirelessly on the launch of our digital currencies and laying the necessary groundwork that will facilitate the adoption of our digital assets, in collaboration with Wise MPay and our other partners."
Tone Goh, Executive Chairman
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