Business
Update on Wise MPay Collaboration
Update on Wise MPay Collaboration.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 9443T\n GSTechnologies Ltd\n 30 November 2021\n \n \n \n \n 30 November 2021\n \n \n GSTechnologies Limited\n \n \n (\"GST\" or the \"Company\" or the \"Group\")\n \n \n Update on Wise MPay Collaboration\n \n \n \n \n \n Launch of the GS Money protocol on the Coalculus platform\n \n \n GSTechnologies Limited (LSE: GST), \n the fintech and information technology solutions company, is pleased to provide an update regarding the progress of the Company's collaboration agreement with Wise MPay Pte Ltd (\"Wise MPay\").\n \n \n As announced on 28 May 2021, GST entered into a collaboration agreement with Wise MPay, the Singaporean blockchain payment solutions provider, under which Wise MPay is providing the Company with software and services to facilitate the Company's plans to develop a neobanking platform to provide next-generation digital money solutions.\n \n \n GST is pleased to report that it has now successfully tested 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), together with implementing a mainnet upgrade on the Coalculus platform, provided by Wise MPay. This marks the launch of the GS Money protocol. GST, through its wholly owned GS Fintech subsidiaries, will maintain its role as the sole issuer of GS Money digital currencies.\n \n \n The four digital currencies are strictly pegged to the US Dollar, the Pound, the Euro and the Yuan which will allow GST to carry out transactions immediately through blockchain ledgers, which can be used in place of wire transfers that generally take several days to complete. 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, each enterprise chain's total supply will allow GST to issue up to 10 billion digital currency units. \n \n \n With the launch of the GS Money protocol, this blockchain technology is now available to GST and its future clients. The Company intends to deploy GS Money shortly in limited cross-border payment trials, and then gradually roll out GSMoney for commercial operations in the coming months.\n \n \n The future roll...