# GSTechnologies completes the acquisition of crypto exchange licence

- Link: https://www.directorstalkinterviews.com/gstechnologies-completes-the-acquisition-of-crypto-exchange-licence/4121078991
- Published: 2022-08-24T07:05:26+01:00
- Author: Giles

**GSTechnologies Limited** (LON:GST), the fintech and information technology solutions
company, has announced, further to the announcement on 20 January 2002, that the
Company has now completed the acquisition of the whole of the issued share capital
of UAB Glindala, a holder of a Crypto Currency Exchange Licence registered in Lithuania.

Glindala’s Crypto Currency Exchange Licence is supervised by the Lithuanian Financial
Crime Investigation Service (“FCIS”) and it covers two types of crypto activities,
cryptoasset exchange services, both crypto-fiat and crypto-crypto, and cryptoasset
depository wallet services, including generating and storing encrypted client keys.
Completion of the acquisition was subject only to the approval of the FCIS which
has now been received.

GST plans to utilise Glindala to launch a regulated cryptoasset exchange platform
to offer crypto products and GS Money stablecoin settlements to retail and institutional
clients. The regulatory permission secured is a significant step forward in GST’s
stablecoin expansion strategy in Europe.

Following the acquisition of Glindala, GST has entered into an agreement with an
exchange infrastructure technology partner to provide the technology and software
to run the exchange and integrate it with the Company’s other offerings. This is
expected to significantly accelerate the timeline to bring the full exchange platform
into operation. The Company is targeting the crypto exchange being open for retail
and institutional participation in the last quarter of 2022.

In line with its stated strategy, the Company’s principal business model for the
GS Fintech subsidiaries remains to roll out GS Money based on three initial use-
cases: international money transfers, borderless accounts, and private stablecoin.
The Company believes the exchange will be a significant enabler for its GS Money
stablecoin business and will integrate well with the recently acquired Angra business.

> **Tone Goh, Chairman of GSTechnologies, commented**: “With the acquisition of 
> Glindala our total addressable market is now much broader and it creates a step
> change in our combined offerings to our clients. For example, instead of solely
> relying on costly wire transfers to conduct cross-border trading transactions,
> Angra’s clients will soon be able to pay out and get paid in cryptoassets including
> Bitcoin, Ethereum, stablecoins, and other digital assets. We look forward to providing
> further updates in due course as we establish our cryptoasset exchange business
> and progress the roll out of GS Money.”

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