GSTechnologies Ltd (LSE:GST) told investors it has now completed its acquisition of Cake Pte Ltd and Cake DeFi UAB (CAKE), including the Bake Cryptocurrency platform.
“This acquisition marks a transformative milestone for GST, reinforcing our vision to build a leading fintech company,” GST chair Tone Goh said in a statement.
“With this step, GST remains steadfast in developing our digital asset plans as we remain focused on delivering sustainable, long-term value to our shareholders."
The Bake platform, which comprises both a web application and a mobile app, provides tools for cryptocurrency investment, including staking, swaps, and on-ramp solutions. It has approximately 700,000 registered users, 100,000 funded accounts, and $80 million worth of digital assets under custody as of 30 November.
The acquisition, funded entirely from GST’s own resources, will be integrated with its digital asset arm, GS Fintech. Completion of the integration is anticipated by March 31, 2025.
GST intends to leverage its client relationships and banking network to enhance Bake’s capabilities, to deliver an expanded suite of services for retail and corporate users in compliance with European regulations.
CAKE chief executive Dr Julian Hosp, meanwhile, added: "The decision to sell Bake to GST was the right one.
“It makes me incredibly happy to see how our incentives have aligned to create a true WIN-WIN for everyone involved.
“With GST now leading the way, we're brimming with excitement about the new opportunities on the horizon. A big thank you to our loyal customers for standing by us every step of the way. Your support has been invaluable in making this transition a success."