By Michael Susin


GSTechnologies Ltd. said Tuesday that it has launched the GS Money protocol, its platform for its digital currencies project, and expects to deploy it for commercial operations in the coming months.

The technology-infrastructure company said it plans to deploy the blockchain technology shortly to test cross-border payments and then gradually roll it out for commercial operations.

The platform will work on four digital currencies pegged to the U.S. Dollar, the British pound, the uuro and the yuan. Each chain total supply will allow the issue of up to 10 billion digital-currency units, it said.

GSTechnologies said it will maintain its role as the sole issuer of the platform. GS Money will be initially focused on international money transfers, borderless accounts and private stablecoin--cryptocurrency that is pegged to a major traditional currency.

GSTechnologies signed a collaboration agreement in May with Singaporean blockchain payment-services provider Wise MPay Pte. to support the launching of GS Money Protocol through the issue of 100 million new shares in GSTechnologies to Wise MPay, worth 1.5 million pounds ($2 million).

Shares at 0905 GMT were up 0.12 pence, or 6%, at 2.30 pence.


Write to Michael Susin at


(END) Dow Jones Newswires

November 30, 2021 04:44 ET (09:44 GMT)

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