GCEX, a digital prime brokerage, has expanded its partnership with Hex Trust, an institutional custodian for cryptocurrencies. The announcement follows the companies' initial venture into staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term services in April 2023.

Now, their relationship includes an expansion in staking services, offering a broader portfolio of assets to brokers, hedge funds, professional traders and fund managers.

Hex Trust and GCEX Expand Partnership

According to the press release, GCEX will introduce nine additional assets for staking to its institutional and professional clients. The new offering includes Apecoin, Flare and Ethereum. Moreover, GC Exchange A/S has hinted at augmenting the list in response to growing client demands.

"Our bond with Hex Trust, our custody partner for more than two years, is robust and trusted. We are thrilled to meet the rising demand for staking services by widening our staking offerings," Michael Aagaard, the Managing Director of GCEX Denmark, stated expressing his excitement over the partnership expansion. He emphasized GCEX's strategy of driving innovation by teaming up with reputable firms in the industry.

GCEX Group is a digital prime brokerage providing deep liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term access to FX and CFDs on digital assets to institutional clients. In addition, it offers digital assets spot trading, conversion, and XplorDigital, a digital trading solution. In May, the company gained a new license in Denmark to provide derivatives.

Giorgia Pellizzari, the Head of Custody at Hex Trust, echoed Aagaard's enthusiasm: "It's a pleasure to extend our services to digital asset staking, having served GCEX with custody services for a few years now." She stressed the commitment Hex Trust has towards providing secure and smooth staking services for clients like GCEX via their custody platform, Hex Safe.

GCEX Broadens Cooperation and Employment

Hex Trust is not the only company that has bolstered its partnership with GCEX. Just two months ago, GCEX, led by Lars Holst, enhanced its collaboration with the custody platform, Komainu. The expansion aimed to provide more staking services to their professional clientele.

Komainu is a joint venture between the investment bank Nomura, a hardware tech firm Ledger, and a digital asset investment manager, CoinShares. GCEX first joined forces with Komainu in February 2022, aiming to amplify its crypto custody services.

Meanwhile, GCEX announced Tilman Schultz's appointment as the Head of Partnerships. His role focuses on boosting GCEX's growth in Europe, specifically the recently launched XplorDigital trading solutions.

In April, GCEX disclosed its financial results for the fiscal year ending 31 December 2022. The prime brokerage reported a turnover of £4.5 million, marking a rise of 136 percent from the prior year's figure of £1.9 million. Moreover, GCEX concluded the year with a net profit of £1.5 million, which is a slight increase from the previous fiscal year of £1.42 million.