24 Exchange’s new affiliate 24 Exchange Broker Limited has obtained a license from the Bermuda Monetary Authority (BMA) to begin operating as a digital asset service vendor.
The firm also applied with the US Securities and Exchange Commission for license to create a new national fully electronic exchange.
24 Exchange Broker Ltd. gained a “Class T” Digital Asset Business Act (DABA) license on 8 February and became central dealer for the cryptocurrency market. 24 Exchange Bermuda Ltd. previously operated under a “Class T” Cryptocurrency DABA License from BMA in July 2021, and completed its first spot cryptocurrency bilateral trade last September.
By operating as a central dealer for the spot crypto market, he 24 Exchange trading platform provides greater autonomy for traders. 24 Exchange Broker Ltd.’s institutional single counterparty clients are able to access a deep anonymous liquidity crypto spot pool instead of having to onboard each counterparty individually.
Dmitri Galinov, 24 Exchange CEO and Founder, said:
This BMA license for 24 Exchange Broker Ltd. enables us to bring spot cryptocurrency trading onto our institutional-grade platform, making it more available, accessible and standardized. We are pleased to continue to drive the institutional adoption of crypto products trading at the best available rates and with around-the-clock availability. Our company truly appreciates the efficient work of the Bermuda Government’s Office of FinTech and the Bermuda Business Development Agency – as well as their dedication to supporting the growth of the digital asset sector in Bermuda.
24 Exchange’s Broker trading platform is fully integrated with digital service providers Zero Hash and Fireblocks to allow for post-trade and custody solutions.
In addition, 24 Exchange has an existing partnerships Cobalt that yields a solution for wallet and counterparty collateralization. It allows broker’s clients to utilize their own collateral in their wallet infrastructure to enable trading, eliminating the need to deposit funds in advance.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.