Business
GS20 Exchange soft launch
GS20 Exchange soft launch.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n \n \n 16 November 2022\n \n \n \n GSTechnologies Ltd\n \n \n \n (\"GST\" or the \"Company\", or the \"Group\")\n \n \n \n GS20 Exchange soft launch and completion of change in subsidiary name\n \n \n \n \n \n \n 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\").\n \n \n \n \n \n The soft launch follows the Company's receipt of approval from the\n Lithuanian Financial Crime Investigation Service (\"\n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n \n \n \n Market Objectives of the GS20 Exchange\n \n \n \n \n \n \n In line with the Company's strategy, the principle business model fo...