By Anthony O. Goriainoff


GSTechnologies Ltd. said Wednesday that it was executing a soft launch of its GS20 cryptoasset exchange after receiving approval from the Lithuanian Financial Crime Investigation Service for the acquisition of UAB Glindala.

The London-listed fintech and IT-solutions company said the Lithuania-based GS20 cryptoasset exchange will focus on offering spot trading and over-the-counter trading desk services for popular cryptoassets to a controlled group of retail-account holders, as well as a select number of institutional participants which include existing customers of its Angra subsidiary. Cryptoassets include Bitcoin, Ethereum and USDT as well as other regulated stablecoins, the company said.

In January the company announced it was buying UAB Glindala, a holder of a crypto currency-exchange license registered in Lithuania.

GSTechnologies said that as part of the soft launch--a marketing strategy whereby a product is released ahead of its scheduled launch with little or no marketing--participants will be required to give feedback on their experience using the exchange, which the company will then use to further develop it.

"We look forward to welcoming additional participants to the GS20 Exchange which will drive ongoing trading in this important asset class and provide our partners greater liquidity in their cross-border payment operations," the company said.

Shares at 0807 GMT were up 0.03 pence, or 2.6%, at 1 pence.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

11-16-22 0335ET