GSTechnologies Ltd on Wednesday announced the soft launch of its cryptoasset exchange, GS20.

The launch comes following approval from the Lithuanian Financial Crime Investigation Service of GSTechnologies’ acquisition of UAB Glindala.

The Milton Keynes, England-based fintech and information technology company said Glindala has completed its name change to GS Fintech UAB and will trade as the GS20 Exchange.

Executive Director Shayne Tan has been appointed as the new chief executive of the GS20 Exchange.

The GS20 cryptoasset exchange is based in Lithuania, and will focus on offering spot trading and over-the-counter trading desk services for cryptoassets, such as Bitcoin, Ethereum and USDT, to a ‘controlled’ group of retail account holders and institutional participants.

GSTechnologies said the exchange is not a pure cryptocurrency exchange, so further technology integration and the introduction of more onramp and offramp services for stablecoins can be expected in due course.

Tan said: ‘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.’

GSTechnologies shares were down 2.6% to 0.95 pence on Wednesday afternoon in London.

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