GCEX Reports £2.30m Turnover for UK Entity in 2023, Despite Crypto Winter Decline
GCEX, a leading FX and digital assets institutional broker, has recently announced its financial results for the year ending December 31, 2023. Despite a decrease in turnover compared to the previous year, the company remains optimistic about its growth prospects.
The UK entity of GCEX reported a turnover of £2.30m for the year 2023, down from £4.46m the previous year. This decline is attributed to the challenging market conditions during the crypto winter. However, the company has seen a steady increase in revenue on a monthly basis since the beginning of 2023, indicating a positive trend for the current year.
Although the UK entity reported a loss before tax of £387,429, GCEX remains committed to its growth objectives. The company has continued to develop technology solutions and distributed £1.80m to its parent company, GCEX Holding Limited, to support international expansion.
Lars Holst, Founder and CEO of GCEX, acknowledged the impact of the crypto winter on the industry but emphasized the company’s resilience and adaptability. GCEX has diversified its revenue streams by introducing staking services for institutional and professional clients, and has maintained significant excess Tier 1 capital in its UK entity.
In the past year, GCEX Group has expanded its product offering, enhanced its technology, and strengthened partnerships with trusted Liquidity Providers and digital asset custody solutions. The Group has also obtained regulatory licenses in Denmark and Dubai, further solidifying its presence in the global market.
GCEX Group enables institutional and professional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion. With offices in multiple locations around the world, including London, Copenhagen, and Dubai, GCEX is regulated by the FCA and has attracted investments from True Global Ventures.
Founded in 2018, GCEX is a regulated digital prime brokerage that offers a range of products and technology solutions for institutional and professional clients. With partnerships with leading Liquidity Providers and regulated digital custody asset institutions, GCEX is well-positioned for continued growth and success in the evolving digital assets market.
