The fintech solutions company GSTechnologies (GST) said it has received 100 million COAL tokens as part of its ongoing collaboration with the payment solutions company, Wise MPay.
In May 2021, GST entered into a collaboration agreement with Wise MPay, a Singaporean solutions provider, under which Wise MPay would provide GST with software and services.
At the time, GST explained that this would include 100 million COAL tokens, to support its plans to develop a neobanking platform to provide next-generation digital money solutions.
GSTechnologies told investors that it has now begun staking these 100 million COAL tokens on the Coalculus blockchain platform in a move to strengthen its ongoing commitment to launch its planned neobanking platform, which includes GS Money digital currencies.
The value of the COAL tokens provided by Wise MPay, as one of their deliverables under the collaboration agreement, is approximately £475,000 at the current COAL token trading price.
The Company acknowledged that its staking activities follows the successful launch of the GS Money protocol on the Coalculus blockchain platform as announced on 30 November 2020.
GST said it is pleased to have 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.’
It explained that this move is aligned with the 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,’ it stated.
GST said 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 last month.
It said 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.’ GST added that 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, said: "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."
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