A Bermudian financial technology company specialising in a multi-asset trading platform has completed its first spot cryptocurrency trade.

By completing the trade on its institutional-grade platform, 24X Bermuda has become one of a select few global venues that offer both crypto spot and foreign exchange trading on a single, unified technology infrastructure.

The inaugural crypto spot trade was executed in bitcoin as part of 24X's existing strategic partnership with Standard Chartered, a leading international banking group and one of the world's global systemically important banks (G-SIBs).

Standard Chartered acted as liquidity taker and Cumberland DRW served as liquidity provider for this trade.

The transaction marks a significant milestone in the continued development of regulated, institutional-grade infrastructure for digital asset markets, demonstrating how established financial institutions and specialist liquidity providers are helping accelerate the adoption of digital assets by institutional investors.

Dmitri Galinov, 24X’s CEO and founder, said: “Institutional demand for digital assets has never been stronger, and today’s milestone crypto trade demonstrates that the 24X platform is ready for it.”

The company’s crypto trading infrastructure provided deep liquidity and rigorous oversight, he added.

John Newman, Standard Chartered's global head of Rates & FX Trading and head of markets UK & Europe, said: “Institutional demand for digital assets continues to grow as the market evolves and regulatory frameworks mature.

“This successful trade highlights the strength of our global trading capabilities, robust infrastructure and risk management framework, while demonstrating how regulated banking institutions can help bridge traditional finance and the digital assets ecosystem.”

Chris Zuehlke, global co-head at Cumberland DRW, commented: “We are proud to have served as liquidity provider to Standard Chartered for this milestone bitcoin trade on 24X.

“As institutional adoption accelerates, we remain focused on delivering the execution quality and market infrastructure that enable banks and other institutions to trade digital assets with confidence.”

24X Bermuda Limited's Cryptocurrency activity is regulated by the Bermuda Monetary Authority. 24X also offers Deliverable Swaps, Non-Deliverable Swaps, Metals and Spot products to institutional customers in addition to NDFs.

Since its launch in 2019, 24X's multi-asset offering through a single trading interface has enabled market participants to access increased liquidity at lower cost.