GCEX (GC Exchange Limited) will open a new facility in Glasgow that will support the global growth of the company.
A total of 26 real living wage jobs will be created as part of GCEX’s plans for Scotland, which were supported by a £350,000 Regional Selective Assistance (RSA) award from Scottish Enterprise.
Part of the GC Group, GCEX was established in 2018 in response to demand for regulated and compliant exposure to the digital asset market. The company currently operates offices in London and Switzerland.
Authorised and regulated by the Financial Conduct Authority, GCEX provides funds, brokers, asset managers, professional traders and banks with an advanced suite of integrated financial technology products. These include AI applications, allowing clients to automate on-boarding, offer and trade digital assets and currencies with tight spreads, deep liquidity from Tier 1 sources and solutions for clearing.
Scottish Government Cabinet Secretary for Finance, Kate Forbes, said: “We are doing everything possible to help Scotland realise its full potential in an increasingly digital world. That means investing in digital skills, infrastructure and technology.
“The Scottish Government, through Scottish Enterprise, recognises the importance of supporting companies like GCEX to enhance Scotland’s expertise in that area – creating jobs and training opportunities in the process.
“This is an exciting time for our Fintech sector, after it recently gained accreditation as a European Cluster of Excellence.”
GCEX has identified premises in Glasgow and has already started recruiting ahead of officially opening the facility later this year. Positions that will be available at the company’s new Glasgow facility include operations, customer support and development roles.
Lars Holst, CEO and Founder of GCEX, commented: “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.
“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.”
Mark Hallan, Director of Global Investment at Scottish Enterprise, said: “Scotland continues to go from strength to strength attracting high quality investors like GCEX who recognise the exceptional skills and business environment we have to offer young growing businesses. Scottish Enterprise is delighted to support GCEX’s plans for a facility in Glasgow.
“Our world-class workforce, combined with the ‘Team Scotland’ approach we’ve adopted between our public institutions, academia and the private sector, ensures that Scotland continues to punch above its weight when it comes to attracting foreign direct investment.
“Competition for inward investment is fierce, but Scottish Enterprise will continue to actively promote our international leading sectors as we bid to attract companies from across the world to Scotland.”
Alongside Scottish Enterprise, GCEX has also engaged with national skills body, Skills Development Scotland (SDS), to support the company accessing the talent it requires for its Glasgow facility.
Marion Beattie, Head of Growth and Inward Investment at SDS, said: “More and more companies like GCEX are citing the talent pool as one of the primary reasons for investing in Scotland, which reflects the strengths of our highly-skilled and innovative workforce.
“Skills Development Scotland has worked as part of ‘Team Scotland’ to show GCEX how we can help them identify their skills needs and build a talented team at their new Glasgow base, and we’ll continue working with them so they can develop a skills pipeline that will help them grow their business.”
GCEX's arrival into Glasgow is the latest good news for Scotland's fintech sector. At the end of January, the Scottish fintech sector became the first in the UK, and only the third in Europe, to receive formal accreditation as a cluster of excellence.
The Scottish cluster was founded as an independent industry organisation by the financial services sector, universities, the Scottish Government and Scottish Enterprise, and is overseen by FinTech Scotland.