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GSTechnologies (GST) Share Price Spiked 9.18% After Receiving 100 Mln Tokens

Simon Mugo trader
Updated 17 Dec 2021

Key points:

  • GSTechnolgie shares spiked 9.18% after receiving 100 million COAL tokens.
  • Wise Mpay issued the tokens as part of a collaboration agreement signed in May.
  • GST shares had given up most of their gains at writing.

The GSTechnologies Ltd (LON: GST) share price spiked 9.18% higher after issuing an update regarding the receipt of 100 million COAL tokens by GS Fintech from Wise MPay Pte Ltd as part of the collaboration agreement.

These are tokens derived from the Colaculus blockchain system for those wondering about COAL tokens. GSTechnologies has begun staking the tokens on the Coalculus platform as part of its commitment to launching a neobanking system.

The 100 million COAL tokens delivered by Wise MPay is £475,000 at the token’s current trading price. Today’s announcement comes after the GS Money protocol was launched on the Coalculus platform in late November.

Investors cheered the move, as evidenced by today’s spike in GSTechnologies share price, but the company had given up some of its earlier gains at writing.

In May this year, the two companies signed a collaboration agreement where Wise Mpay agreed to supply GST with software and services. The supply of the 100 million COAL tokens was also part of the deal.

GSTechnologies intends to build a neobanking system that will allow it to deliver innovative digital money solutions to its clients. The company said the COAL tokens delivered resulted from its active participation in the Coalculus blockchain system.

GST has been running four full nodes that contribute to the stability and security of the network, validating transactions and ensuring the platform remains decentralised.

The company has successfully tested the four enterprise chains developed by Wise MPay, including four digital currencies pegged to the Pound, the US dollar, the Yuan, and the Euro.

The four digital currencies are part of the multicurrency cross border payments system operated by Wise MPay based on the Coalculus blockchain platform.

Tone Goh, GSTechnologies Chairman, 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.”

Investors interested in GSTechnologies share price may find its current price pretty attractive since it is trading at a support zone. However, there are no guarantees that we won’t get a further decline in future.

*This is not investment advice. Always do your due diligence before making investment decisions.

GSTechnologies share price.

IG chart of GSTechnologies share price 17-12-2021
Source: IG

GSTechnologies share price spiked 9.18% higher to trade at 2.14p, rising from Thursday’s closing price of 1.96p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading