24 Exchange has revealed that it has raised a $14.25 million funding round led by a New York-based Venture capital firm, Point72 Ventures.
The OTC platform noted that this investment will support the continued expansion of its multi-asset trading platform to include additional asset classes, such as equities and cryptocurrencies. The expansion aims to bring new trading options to 24 Exchange’s growing base of institutional market clients.
The company recently applied for licence to US Securities and Exchange Commission to operate a national securities exchange.
Dmitri Galinov, CEO and Founder of 24 Exchange, said:
In the company’s first 24 months, we’ve successfully delivered an over-the-counter FX trading solution to clients that offers significantly reduced costs and improved functionality. We look forward to putting this additional operating capital to work to further expand our offerings beyond FX Non-Deliverable Forward (NDF) trading, FX Swaps, FX Spot, and our most recent addition, cryptocurrency trading.
The company highlighted the closing time of the market puts traders at risk and 24 Exchange will tackle this problem by offering 24/7 retail trading in equities across all global markets. The company is operated by Bermuda Limited, regulated by the Bermuda Monetary Authority for conducting digital asset business, pursuant to the Digital Asset Business act.
Pete Casella, Partner at Point72 Ventures, added:
We believe that widespread institutional adoption of crypto will require building bridges that enable traditional financial firms to access crypto in a way that looks and feels like how they operate in other tradable assets, such as FX or derivatives. 24 Exchange is doing just that by introducing innovations like the crypto non-deliverable forward contract, which allows institutions to gain exposure to this new asset class without taking on the risk, capital requirements, and regulatory uncertainty associated with carrying the underlying asset on their balance sheet.
Financial markets data science firm FairXchange was recently selected for independent execution analytics by 24 Exchange. The Bermuda-based company also acquired 11B Technologies earlier in July.
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.