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/.
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."
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