24 Exchange raises $7 million in latest funding round

24 Exchange today announced it has secured $7.025 million in funding round led by Morgan Creek Digital, Aspire Financial, Blackwells Capital LLC and several individual investors.

The exchange revealed tat the latest funding round will help the company expand its multi-asset trading platform to encompass additional asset classes such as cryptocurrencies and equities for institutional market clients.

24 Exchange highlighted that on 24 February the volume of FX NDF trading on its institutional grade platform surpassed $1.2 billion. The company also revealed that it set a new monthly record for FX trading volume on its platform during last month.

Dmitri Galinov, CEO and Founder of 24 Exchange, said:

Dmitri Galinov, 24 Exchange

Dmitri Galinov

This new round of investment will help 24 Exchange extend our institutional trading offerings within and beyond FX and cryptocurrency products. We welcome the backing of such proven investors as Mark Yusko’s Morgan Creek Digital, Aspire Financial and Blackwells Capital as we work to bring new low-cost asset trading services to our growing global base of institutional customers. The market’s response to our FX NDF offering has been remarkable, as demonstrated by the fact that our customers have now traded more than one billion dollars’ worth of these assets in a single day on the 24 Exchange platform.

Mark Yusko, Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management, said:

We are excited to partner with Dmitri and Jason at 24 Exchange. We are of the belief that Dmitri’s and Jason’s experience, leadership, and sense of mission will help 24 Exchange become a notable and leading solutions provider in the institutional cryptocurrency marketplace. We are eagerly looking forward to banks becoming staple participants in the cryptocurrency markets using 24 Exchange’s NDF solutions.

24 Exchange’s previous capital funding round last August raised $14.25 million and was led by Point72 Ventures.

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