GSTechnologies Limited (LON:GST), the financial and information technology solutions company, announced, following the January 20, 2002 announcement, that the Company has now completed the acquisition of all of the issued share capital of UAB Glindala, a holder of a Lithuanian Registered Crypto Currency Exchange License.
Glindala’s cryptocurrency exchange license is supervised by the Lithuanian Financial Crimes Investigation Service (“FCIS”) and covers two types of crypto activities, crypto-asset exchange services, both crypto-fiat and crypto-crypto, and crypto-asset custodial wallet services, including generating and storing encrypted client keys. Completion of the acquisition was only subject to FCIS approval, which has now been received.
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GST plans to use Glindala to launch a regulated crypto-asset exchange platform to offer GS Money crypto products and stablecoin settlements to retail and institutional clients. The regulatory clearance obtained is a significant step forward in GST’s stablecoin expansion strategy in Europe.
Following the Glindala acquisition, GST entered into an agreement with an exchange infrastructure technology partner to provide the technology and software necessary to run the exchange and integrate it with the company’s other offerings. This should significantly speed up the timeline for the full exchange going live. The company aims to have the crypto exchange open for participation by individuals and institutions in the last quarter of 2022.
In line with its announced strategy, the company’s primary business model for GS Fintech subsidiaries remains the deployment of GS Money based on three initial use cases: international money transfers, borderless accounts and stablecoins. private. The company believes that the exchange will be an important catalyst for its stablecoin GS Money business and will integrate well with the recently acquired Angra business.
Tone Goh, President of GSTechnologies, commented“With the acquisition of Glindala, our total addressable market is now much broader and this creates a step change in our combined offerings to our customers. For example, instead of relying solely on expensive wire transfers to complete business transactions cross-border, Angra customers will soon be able to pay and be paid in crypto-assets including Bitcoin, Ethereum, stablecoins and other digital assets.We look forward to providing further updates in due course as we establish our business. exchange of crypto-assets and progress in the deployment of GS Money.