GCEX Group purchases GlobalBlock to expand wealth management services

GCEX Group has acquired GlobalBlock, a crypto broker specialized for wealthy clients with over $60 million under its management.

With this agreement, GCEX is pushing beyond its core commercial trading business into wealth management services for the wealthy individuals. GlobalBlock’s client base is added to GCEX’s existing institutional trading platform. It already serves professional traders across multiple jurisdictions.

GCEX operates under license from the UK Financial Conduct Authority, the Danish Financial Supervisory Authority, and the Virtual Asset Regulatory Authority in Dubai. The company plans to use these regulatory approvals to speed up client onboarding for GlobalBlock’s Wealth Management customers.

Companies combine technology platforms

GlobalBlock brings AI-powered fund management tools to the partnership, including GB10 products that track the top 10 cryptocurrencies by market capitalization. Companies readjust these portfolios monthly to provide customized digital asset strategies through their mobile apps.

GCEX already provides CFDs to institutional clients on digital assets, forex trading and spot cryptographic conversion services. The company’s Xplordigital suite includes white-label solutions for other brokers looking to add cryptographic services.

“We’re committed to providing a range of services to our customers,” said Lars Holst, founder and CEO of GCEX Group. “The founders of GlobalBlock are building outstanding, profitable companies with world-class products and providing innovative diversification strategies for their clients.”

Related: GCEX launches mobile trading apps for Institutional Crypto and FX clients

Competition for Crypto Wealth Services is intensifying

The acquisition has led traditional wealth managers to increasingly compete with crypto-native companies for wealthy clients seeking exposure to digital assets. The founder of GlobalBlock previously built Peregrine & Black Investment Management.

David Thomas, co-founder of GlobalBlock, said the deal will allow the company to grow while maintaining its brand. “Their strong regulatory licenses and global reach complement our business model perfectly,” Thomas said. “This partnership enables us to expand our wealth management and digital asset solutions while continuing to operate under the global block brands our clients trust.”

The combined company competes with established players like Galaxy Digital and new entrants who provide crypto services to wealthy investors. Traditional banks have also begun adding digital asset features and pressured specialized crypto companies to expand their operations.