Surpasses Major Milestone of $1.2 Billion in FX NDF Trading Volume
HAMILTON, Bermuda, March 7, 2022 /PRNewswire/ — 24 Exchange announced today that it has raised a $7.025 million funding round led by Morgan Creek Digital, Aspire Financial, Blackwells Capital LLC and several individual investors.
This funding round will help further expand 24 Exchange’s robust multi-asset trading platform to encompass additional asset classes, including cryptocurrencies and equities for institutional market clients. 24 Exchange’s previous capital raise of $14.25 million was led by Point72 Ventures last August.
24 Exchange also announced that on February 24 the volume of FX NDF trading on its institutional grade platform surpassed $1.2 billion. The company also said that it set a new monthly record for FX trading volume on its platform during February 2022.
Dmitri Galinov, CEO and Founder of 24 Exchange, said, “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 recently began operating a central dealer function for the cryptocurrency market following its receipt of a “Class T” Digital Asset Business Act (DABA) license from the Bermuda Monetary Authority earlier in February.
In early February 24 Exchange submitted to the U.S. Securities and Exchange Commission a final Form 1 application for a license to create a new national exchange that would allow 24/7/365 trading of securities.
About 24 Exchange
24 Exchange is a multi-asset class trading platform that allows market participants to seamlessly 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 and 24 Exchange Broker Limited which are regulated by the Bermuda Monetary Authority (BMA) 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