Digital asset business permit put to work by 24 Exchange
A Bermuda-based fintech company has completed its first physical cryptocurrency trade on 24 Exchange, its institutional grade trading platform.
24 Exchange Bermuda Limited said the trade makes it the only global platform offering both crypto and FX trading on a single technology.
The exchange said it now gives crypto traders access to the proven stability, strength, and cost efficiencies that its platform has been delivering to FX trading customers for almost two years.
It said this development follows the company's receipt of a Class T digital asset business license from the Bermuda Monetary Authority in July.
The license, issued by the BMA on July 15, is for a six-month term, and allows the company to operate as a digital asset exchange, and to operate as a digital asset derivative exchange provider.
Serving as counterparties for 24 Exchange's first crypto trade on its platform were Chicago-based Cumberland DRW as the liquidity provider, and Singapore-based QCP Capital as the liquidity taker.
Joining with Cumberland DRW and QCP will further establish 24 Exchange as a leading multi-asset exchange platform, the company said.
Dmitri Galinov, 24 Exchange CEO and founder, said: "We are thrilled to have put the Bermuda Digital Asset Business license to work so quickly for our institutional clients who are seeking a low-price option for trading cryptocurrency products.
“We are very pleased with the market's response to each new offering we add to our exchange, and look forward to further expanding our range of trading services in the future. While the company has grown quickly, we firmly believe that the best is yet to come as we continue to innovate and bring even more trade services to the global market at lower prices."
Paul Kremsky, global head of business development and relationship management at Cumberland DRW, said: "Cumberland is proud to be the endpoint of liquidity for trading desks around the globe, and we look forward to working with 24 Exchange and its institutional user base."
Darius Sit, co-founder of QCP Capital, said: "QCP Capital is proud to be the first trading participant on 24 Exchange. As an institutional-focused trading firm, we welcome partners like 24 Exchange who elevate the digital asset trading space with great tech and infrastructure."
Paul Millward, head of product at 24 Exchange, added: "Working with Cumberland DRW and QCP has enabled us to expand our services to physical crypto trading with proven counterparty providers. We're pleased to offer crypto trades on our platform with a workflow that is seamless, and accessible for our customers."