Digital prime broker GCEX Group has acquired crypto brokerage and asset management firm GlobalBlock Europe UAB, as part of the firm’s expansion into a broader digital asset offering.
Lars Holst
The move will integrate GCEX’s regulated multi-asset trading and tier one liquidity offerings with GlobalBlock’s wealth management and fintech innovation capabilities, to expand GCEX’s current OTC, conversion and technology business further into the asset and wealth management driven digital asset sphere.
Currently, GlobalBlock provides services tailored for high-net-worth individuals (HNWI), and holds more than $60 million in client assets.
The offering will also combine GCEX’s liquidity and regulatory framework with GlobalBlock’s proprietary AI-driven fund management technology, to speed up client onboarding, as well as develop out the firms’ global market and product reach.
Lars Holst, founder and chief executive of GCEX Group, said: “Acquiring GlobalBlock is a strategic leap forward for GCEX, expanding our footprint, our client base, our team, and our capabilities.
“By joining forces with GlobalBlock we are strengthening our position to compete in the top tier of digital and tradfi. Our combined clients will gain access to broader product suites, market leading pricing, and cutting-edge trading platforms, with the highest levels of data security.”
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The acquisition process also included investment from venture capital firm, True Global Ventures.
Moreover, the acquisition makes use of GCEX’s multi-jurisdictional licenses, spanning regions and regulatory bodies including the Financial Conduct Authority (FCA) in the UK, the Financial Supervisory Authority (FSA) and EU in Denmark and the Virtual Assets Regulatory Authority (VARA) in Dubai.
David Thomas, co-founder of GlobalBlock, said: “We are excited to join forces with GCEX. Their strong regulatory licenses and global reach perfectly complement our business model. This partnership allows us to expand our wealth management and digital asset solutions while continuing to operate under the GlobalBlock brand that our clients trust.”