GCEX Gets £350,000 Scottish Government Grant with Glasgow Expansion

The company already has a presence in London and Switzerland.

GCEX, the crypto venture of CFH Clearing founder Lars Holst, announced on Wednesday its expansion into Scotland with the opening of a new facility in Glasgow.

This is an extension of the company’s presence in England and Switzerland.

The digital asset-focused company also received a Regional Selective Assistance (RSA) grant of £350,000 (around $453,600) from the Scottish Enterprise, supporting to create jobs in the Scottish office.

“We are doing everything possible to help Scotland realize its full potential in an increasingly digital world. That means investing in digital skills, infrastructure, and technology,” Kate Forbes, Scottish government cabinet secretary for finance, said.

“The Scottish Government, through Scottish Enterprise, recognizes the importance of supporting companies like GCEX to enhance Scotland’s expertise in that area – creating jobs and training opportunities in the process.”

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Tapping a market in high-demand

Established in 2018, Holst dived into the digital asset arena with GCEX as the demand for such services is growing.

Regulated by the UK’s Financial Conduct Authority (FCA), GCX targets professional players, including funds, brokers, asset managers, and banks with services like client on-boarding automation, and with digital assets trading with tight spreads and deep liquidity.

“We are very pleased to have expanded our operations into Scotland. Our new service hub will allow us to improve upon our market leading operations and is testament to the continuing growth of GCEX,” Holst added.

“Scottish Enterprise was imperative in providing us with the tools and knowledge required in ensuring the process was swift and we very much appreciate their ongoing support.”

The announcement detailed that GCEX will recruit 26 staff for its Glasgow office and also engaged with Skills Development Scotland (SDS), a national skills body, for accessing talent in the region.

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