24X to Launch Cryptocurrency Trading This Summer
HAMILTON, Bermuda, July 20, 2021 /PRNewswire/ -- 24 Exchange today announced that it has been granted a "Class T" Digital Asset Business license by the Bermuda Monetary Authority (BMA) to offer cryptocurrency trading on its robust institutional-grade platform. The license was granted in accordance with the Bermuda Digital Asset Business Act 2018.
With the BMA license in place, 24 Exchange expects to launch physical cryptocurrency trading to its institutional clients later this summer, followed soon thereafter by the introduction of a crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH. 24 Exchange pioneered the trading of NDFs for cryptocurrencies on its platform and established standardized cryptocurrency NDF contracts.
Dmitri Galinov, 24 Exchange CEO and Founder, said, "This BMA license enables us to reliably bring low-cost institutional grade technology to clients who wish to trade cryptocurrency products. We intend to expand our platform's trading capability in the future to encompass all the other assets on our exchange – all at best available rates. 24 Exchange's unique NDF offering will significantly facilitate the institutional adoption of crypto products across the globe. Working with Premier Burt, the Bermuda Government's Office of FinTech and the Bermuda Business Development Agency has been an absolute pleasure given their interest in and strong encouragement of digital asset business activity in Bermuda."
Premier of Bermuda, the Hon. David Burt, JP, MP, said, "I wish to congratulate 24 Exchange on the successful receipt of a Class T Digital Asset Business license. This is the first license of its kind to be issued in Bermuda and we look forward to having these innovative digital pioneers blazing new trails in our jurisdiction."
The 24 Exchange platform is one of the fastest and most robust in the financial-technology industry. The company's matching engine delivers industry-leading performance at 75 microseconds round trip time for cryptocurrency trading. This performance puts it into the 90th percentile while under load; data dissemination and execution consistency are key factors in attracting a growing number of discerning financial institutions to the 24 Exchange platform. To date, 24 Exchange's platform has onboarded more than 45 large institutional clients, including the majority of the top 20 Euromoney banks.
The company's matching technology is located in New York (NY4 data center) and London (LD4 data center) – and can easily be deployed anywhere else in the world.
Through the BMA license 24 Exchange will expand its range of trading services beyond its current offerings: NDF trading, FX Swaps, and FX Spot, along with market access and monitoring services. 24 Exchange set a record for NDF ADV (single-counted) in March of $456 million, as well as a single-day record volume that same month in FX NDFs when in excess of $800 million traded.
Last month, 24 Exchange won the Pitch Day competition during Whale Day at Bitcoin 2021, the world's largest bitcoin conference, besting 11 other finalists. During the competition, CEO Dmitri Galinov pitched the company's innovative plan for offering institutional cryptocurrency trading with crypto NDFs to a distinguished panel of judges. A video of the pitch is available at this link.
About 24 Exchange
24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. 24 Exchange's mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 24 Exchange is operated by 24 Exchange Bermuda Limited. 24 Exchange Bermuda Limited is regulated by the Bermuda Monetary Authority for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.
More information is available at https://www.24exchange.net/
SOURCE 24 Exchange