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.
