GCEX, a provider of forex and cryptocurrency liquidity, published its first full-year financials for 2021, ending on December 31. It reported a total turnover of £1.89 million along with an operating profit of £1.42 million.
“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,” said GCEX’s Founder and CEO, Lars Holst.
Additionally, he revealed that the company is planning to reinvest the profits to continue to develop a strong net capital position. “[This] will allow for continued investment in our trading platform technology and will enable us to source increased liquidity for our client base,” Holst added.
High Demand for FX and Crypto Liquidity
GCEX was founded in 2018 and is headquartered in London. Its primary aim is to bridge the gap between institutional investors and cryptocurrency, targeting four areas: counterparty risk, transparency, custody and technology integration.
In addition, it is expanding its offerings to better position itself with the growing demand in the trading industry.
The company is operating with a Financial Conduct Authority (FCA) and is expanding its global footprint. It opened an office in Malaysia in February as a strategic move to strengthen its round-the-clock coverage and enhance its service for the rapidly growing client base in Asia. The company has a physical presence in Scotland and Copenhagen.
Further, GCEX received $4 million in funding earlier this year, primarily to accelerate its growth prospects.
“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,” Holst said.
