Fintech and IT solutions company GSTechnologies (GST) has completed the acquisition of Lithuania-registered cryptocurrency exchange UAB Glindala.
London-listed GST will use the platform to roll out a regulated crypto exchange for retail and institutional participation in the last quarter of 2022.
The exchange will offer stablecoin settlements to retail and institutional clients under the GS Money platform.
The transaction follows GST’s acquisition of UK-based foreign exchange and payment services company Angra in March.
GST’S principal business model for its subsidiaries remains to roll out GS Money based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin, and GST reckons the GS Money stablecoin business will integrate well with Glindala and Angra.
Chairman Tone Goh said: “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.
“Angra’s clients will soon be able to pay out and get paid in crypto assets including Bitcoin, Ethereum, stablecoins, and other digital assets… We look forward to providing further updates in due course as we establish our crypto asset exchange business and progress the roll out of GS Money.”
Following the announcement, GST shares soared over 17% this Wednesday morning.