GSTechnologies Ltd GS Fintech Update (9600V)
17 December 2021 - 06:00PM
UK Regulatory
TIDMGST
RNS Number : 9600V
GSTechnologies Ltd
17 December 2021
17 December 2021
GSTechnologies Limited
("GST" or the "Company" or the "Group")
GS Fintech Update
GSTechnnologies receives 100 million COAL tokens as part of the
ongoing collaboration with Wise MPay
GSTechnologies Limited (LSE: GST), the fintech and information
technology solutions company, is pleased to announce that as a part
of its ongoing collaboration with Wise MPay Pte Ltd (" Wise MPay"),
the Company has received 100 million COAL tokens, and has begun
staking those tokens on the Coalculus blockchain platform to
strengthen its ongoing commitment to launch its planned neobanking
platform, including GS Money digital currencies.
Highlights
-- GST has received 100 million COAL tokens from Wise MPay and
enabled the COAL token staking capability on four full nodes
managed by the Company.
-- The value of the COAL tokens provided by Wise MPay, as one of
their deliverables under the collaboration agreement, is
approximately GBP475,000 at the current COAL token trading
price.
-- This follows the successful launch of the GS Money protocol
on the Coalculus blockchain platform as announced on 30 November
2020.
GST announced its collaboration agreement with Wise MPay, a
Singaporean blockchain payment solutions provider, on 28 May 2021,
under which Wise MPay is providing the Company with software and
services, including the 100 million COAL tokens, to support the
Company's plans to develop a neobanking platform to provide
next-generation digital money solutions.
GST is pleased to have now achieved its latest milestone through
its active participation in the Coalculus decentralised blockchain
network by actively running four full nodes that contribute to
network security and stability, transaction validation and overall
decentralisation. This move is aligned with the Company's Directors
belief that proof-of-stake (PoS) systems have progressed to a point
that they have become the de facto market solution to secure large
scale blockchain operations using negligible energy resources and
without having to maintain expensive hardware; for that same reason
staking is believed to be a potentially significant opportunity for
GST and also potentially for its future clients.
This follows the successful testing of all four of the
enterprise chains provided by Wise MPay (representing four digital
currencies pegged to the US Dollar, the Pound, the Euro, and the
Yuan), and the launch of the GS Money protocol, as announced on 30
November 2021. The four enterprise chains work alongside one
another to form a decentralised and highly efficient multicurrency
cross border payment system for digital transactions that utilise
the Coalculus blockchain ledger technology. Additionally, as
previously announced, each enterprise chain's total supply will
allow GST to issue up to 10 billion digital currency units.
Tone Goh, Chairman of GST, commented: "We are excited to be
involved in securing the Coalculus blockchain platform and picking
up new digital asset staking capabilities for the Company. Whilst
our proposed acquisition of Angra goes through the FCA approval
process, the team is working tirelessly on the launch of our
digital currencies and laying the necessary groundwork that will
facilitate the adoption of our digital assets, in collaboration
with Wise MPay and our other partners."
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
F inancial Adviser
+44 (0)20 3005
VSA Capital Limited 5000
Simon Barton / Pascal Wiese
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence +44 20 (0) 3934
Chandler 6630
For more information please see:
https://gstechnologies.co.uk/
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