GSTechnologies Ltd (LON:GST), the fintech company, announced the soft launch of its crypto-asset exchange and the completion of the company’s renaming to UAB Glindala Group’s operating entity.
The soft launch follows the company’s receipt of approval from the Lithuanian Financial Crimes Investigation Service (“FCIS”) for the acquisition of Glindala and to start a crypto-asset exchange business and custodial wallet as announced on August 24, 2022. Glindala also completed its name will transition to GS Fintech UAB and will trade as GS20 Exchange. GS Fintech UAB will be led by Shayne Tan, the company’s chief executive, who has been named the new CEO of GS20 Exchange.
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Lithuania-based crypto-asset exchange GS20 will focus on offering spot and OTC trading desk services for popular crypto-assets, such as Bitcoin, Ethereum and USDT and d other regulated stablecoins, to a controlled group of retail account holders, as well as a number of institutional players, including existing customers of the Angra Group subsidiary. The GS20 exchange is not a pure cryptocurrency exchange, so users can expect to see greater technological integration with regulated stablecoins as well as the introduction of more convenient onramp and offramp services for these. stablecoins in due time. During this soft launch period, these participants will have full access to the GS20 Exchange, serving as official first users.
Those accepted by GS20 Exchange to participate in its soft launch and start trading on the platform will be asked to provide feedback on their experience using the exchange. This feedback will provide substantial data that will allow the GST team to better assess user needs for the development of the finalized user experience of the GS20 crypto-asset exchange.
GS20 stock market objectives
In line with the Company’s strategy, the main business model of GS20 Exchange remains the deployment of the three initial use cases of GS Money: international money transfers; accounts without borders; and private stablecoin. GS Money aims to make cross-border payments fast and affordable for an addressable market of millions of participants by clearing and settling transactions through its stablecoin-based payments network. Unleashing demand from a large user base requires a platform that can meet the clearing and settlement needs of retail and institutional clients 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 user dashboard preview with proprietary security measures including two- and three-factor authentication, as well as features such as remote onboarding and VIP. Registrations of interest to open an account at the official launch are available from today via the GS20 Exchange website: https://gs20.exchange/.
Shayne Tan, Director of GSTechnologies and CEO of GS20 Exchange, commented: “We are excited to begin the soft launch of GS20 Exchange, a key milestone in the rollout of GS Money. We look forward to welcoming new participants to the GS20 Exchange, which will stimulate continued trading in this important asset class and provide our partners with greater liquidity in their cross-border payment transactions.
“Further updates will be provided in due course as we approach the official launch of GS20 Exchange and the progress of the rollout of GS Money.”