This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which forms part of UK
law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
2 January 2025
GSTechnologies
Limited
("GST",
the "Company" or the "Group")
Completion of the Acquisition
of CAKE and the Bake Cryptocurrency Platform
GSTechnologies Limited (LSE: GST),
the fintech-focused company, is pleased to announce, further to the
Company's announcement on 11 December 2024, the successful
completion of the acquisition of the business and assets of Cake
Pte Ltd and Cake DeFi UAB (together "CAKE"), including the Bake
Cryptocurrency Platform ("Bake") (the "Acquisition"). The
completion of the Acquisition marks an important milestone for GST
as it accelerates the Company's digital asset strategy and
positions the Company for future growth in the rapidly evolving
digital asset ecosystem. GS Fintech UAB ("GS Fintech"), the
wholly owned subsidiary of GST, has paid the cash consideration,
funded entirely from the Company's own resources.
The Bake Cryptocurrency platform,
which includes the Bake.io web
application and Bake mobile app, is a retail-first digital asset
investment platform that offers users simple and direct access to
the cryptocurrency market. With features such as staking,
swaps, and on-ramp solutions into crypto, Bake provides innovative
and user-friendly tools for investing in the thriving
cryptocurrency ecosystem.
CAKE currently has approximately
700,000 registered users, 100,000 funded users and 50,000 users
holding approximately US$80 million of digital assets on the Bake
platform as at 30 November 2024.
The Acquisition positions GST
to deliver a 24/7, transparent, and highly scalable ecosystem for
digital assets, designed to be fully compliant with European
regulations.
GST expects the integration of CAKE
and the Bake Cryptocurrency platform into the digital asset arm of
the Group, GS Fintech, to be completed on or before 31 March 2025.
This integration will unify the strengths of GST and CAKE,
leveraging GST's extensive client relationships and banking network
to expand Bake's capabilities. By offering an enhanced suite
of digital asset services tailored to both retail and corporate
users, GST aims to strengthen its position as a leader in the
digital asset market.
Shayne Tan, COO of GST, and CEO of
GS Fintech, will lead the Group's digital asset strategy across
Europe and Asia. He will be supported by GST's CEO, Jack Bai,
and in the integration by Dr. Julian Hosp, CEO of CAKE Group Pte
Limited ("CAKE Group"). Together, this leadership team will
ensure the successful integration and growth of Bake within GST's
broader operations.
Dr.
Julian Hosp, CEO of CAKE Group, commented:
"The decision to
sell Bake to GST was the right one. It makes me incredibly
happy to see how our incentives have aligned to create a true
WIN-WIN for everyone involved. With GST now leading the way,
we're brimming with excitement about the new opportunities on the
horizon. A big thank you to our loyal customers for standing
by us every step of the way. Your support has been invaluable
in making this transition a success."
Tone Goh, Chairman of GST, commented:
"This acquisition marks a transformative milestone
for GST, reinforcing our vision to build a leading fintech company.
With this step, GST remains steadfast in developing our
digital asset plans as we remain focused on delivering sustainable,
long-term value to our shareholders."
Enquiries:
The Company
Tone Goh, Executive
Chairman
+65 6444 2988
Financial
Adviser
First Sentinel Corporate
Finance
+44 (0)20 3855 5551
Brian Stockbridge / Gabrielle
Cordeiro
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor
Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring /
Florence Chandler
+44 20 (0) 3934 6630