24 Exchange acquires new tech platform
24 Exchange Bermuda Ltd has acquired New York-based technology and service provider 11B Technologies.
The Bermuda-based company operates the multi-asset class trading platform, 24 Exchange.
Dmitri Galinov, chief executive officer and founder of 24 Exchange, said: "24 Exchange intends to aggressively expand into additional products such as Crypto physical and Crypto NDFs.
“Our acquisition of 11B provides the ideal technological platform for that expansion. 11B has developed incredible low latency, robust and very scalable software across a range of clients and asset classes.
“We have been working with the talented 11B team for a long time, and are very happy to welcome them into the 24 Exchange team."
The company said 11B has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot.
The acquisition of 11B includes the company's IP and software.
In addition, the 11B software development and business support team and its president will join 24 Exchange.
Eduard Yusupov, president and founding partner of 11B Technologies, said: "We are excited to join 24 Exchange. This team has a unique vision, drive and the expertise needed to seize market opportunities and compete with existing service providers on a global scale.
“This acquisition creates substantial value and synergy for the shareholders of 24 Exchange. This combination will bring new technology offerings to 24 Exchange customers and help expand market reach and service capabilities."
Among its services, 11B provides order, execution and risk management systems for FX Spot, FX Swaps, FX NDF, Crypto Spot and Crypto NDFs.
24 Exchange said it also provides matching engine, CRM and back office connectivity through FIX API, GUI and mobile interfaces. 11B technology provides post-trade and third-party systems integrations with matching engines located in Equinix data centres in London and New York (LD4 and NY4).
24 Exchange Bermuda Ltd is regulated by the Bermuda Monetary Authority for the purposes of conducting digital asset business, pursuant to the Digital Asset Business Act.
The company’s Class T operating license allows it to operate as a digital asset exchange, and to operate as a digital asset derivative exchange provider.
The license, issued by the BMA on July 15, is for a six-month term. It expires on January 14, 2022.