GS20/Bake8 Jul 2025 10:00
As part of the GS20 Exchange's growth plans, Noewe UAB, a Lithuania-based professional services firm, was recently engaged. This partnership aims to align GS Fintech UAB's financial year-end reporting with the Group's 31 March year-end. Additionally, Noewe UAB is providing guidance on regulatory compliance expectations through 2025, which will be invaluable in ensuring regulatory adherence is maintained and supporting GS Fintech UAB's ongoing growth.
Post Period end, on 11 December 2024, we were pleased to announce that GS Fintech UAB had entered into a legally binding Business Purchase Agreement to acquire the business and assets of Cake Pte. Ltd. and Cake DeFi UAB (together "CAKE"). The CAKE acquisition comprises a leading cryptocurrency investment platform, Bake, with a particularly strong presence in the DACH region, and is in line with the Company's strategy to expand and enhance the international presence and capabilities of the GS20 Exchange platform, providing greater value to both retail and institutional customers. I believe the acquisition marks a significant step for GST in strengthening the offering and scalability of its GS20 Exchange platform, which is central to the Company's GS Money initiative. In particular, the acquisition will: significantly expand GS20 Exchange's user base, adding approximately 50,000 active crypto users; enhance the GS20 Exchange's technology stack, providing seamless clearing and settlement of cross-border cryptoasset trades and related fiat currency payments; and create opportunities for substantial revenue growth, leveraging CAKE's strong historic financial performance and established market presence. The acquisition of CAKE is expected to complete on 2 January 2025.