GCEX reports solid revenue for 2021, led by institutional and crypto trading
GCEX, a digital asset and currencies technology platform for institutional and professional clients, has announced its financial results for the fiscal year ending December 31, 2021.
In its first full year of trading, the group marked strong growth in revenues and profits, helped in large part by institutional and crypto trading. These gains build on an already successful year of business expansion, with virtually all segments pointed higher.
For 2021, GCEX posted a total of £1,889,358 worth of revenues, with operating profits of £1,421,206.
Lars Holst, Founder and CEO, GCEX comments: “20/21 was a transformative period for GCEX and we experienced rapid growth. Our strong financial results reflect both an increase in our market share and an increased market acceptance of digital assets.”
He continues: “We plan to reinvest the profits to continue to develop a strong net capital position which will allow for continued investment in our trading platform technology and will enable us to source increased liquidity for our client base. The $US 4 million investment we received from True Global Ventures 4 Plus (TGV4 Plus) in December 2021 also enables us to strengthen our equity position and further accelerate our growth. We have ambitious growth plans and will be making a series of strategic announcements over the coming months.”
GCEX has recently announced a business collaboration with Centroid Solutions to extend its multi-asset liquidity distribution using Centroid’s institutional grade connectivity, liquidity management, execution and reporting system.
The company also teamed up with Hybrid Solutions. The latter is best known for its flagship trading platform, VertexFX, which is introduced as a package of holistic solutions to market makers, clearing houses, brokerage firms and other dealing rooms.
GCEX was established in 2018 in order to cater to demand for regulated exposure to the crypto market. The company leverages its UK authorization to provide funds, brokers, asset managers, professional traders, and banks with compliant Fintech products, including AI applications. The offering also enables clients to automate on-boarding, offer and trade digital assets and forex with deep liquidity from top banks, as well as solutions for clearing.
Headquartered in London, GCEX (GC Exchange Limited) is also no stranger to the FX space as it has previously completed API integration with many bridge and institutional liquidity providers, Gold-i’s Matrix NETwork and oneZero.
In terms of its global expansion, the FCA-regulated firm established a new office in Kuala Lumpur, Malaysia. The new hub has been selected to meet increasing demand in the Southeast Asia region for GCEX’s offering.
The company now has four locations worldwide, including Scotland, Denmark, and London, where it is headquartered. Its office in Copenhagen, which opened in September 2021, already has a team of six people.