24 Exchange completes new funding round
Bermudian-based fintech company 24 Exchange has raised $7.025 million in a funding round led by Morgan Creek Digital, Aspire Financial, Blackwells Capital LLC and several individual investors.
24 Exchange said the funding round will help further expand its robust multi-asset trading platform to encompass additional asset classes, including crypto currencies and equities for institutional market clients.
It added that 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 (foreign exchange non-deliverable forward) trading on its institutional grade platform surpassed $1.2 billion.
The company said it set a monthly record for FX trading volume on its platform during February.
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 crypto currency 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.”
He added: “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."
Mr Yusko, founder, CEO and chief investment officer of Morgan Creek Capital Management, said: "We are excited to partner with Dmitri and Jason (Woerz) 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 crypto currency marketplace.
“We are eagerly looking forward to banks becoming staple participants in the crypto currency markets using 24 Exchange's NDF solutions."
24 Exchange recently began operating a central dealer function for the crypto currency market following its receipt of a "Class T" digital asset business license from the Bermuda Monetary Authority last month.
In early February, 24 Exchange said, it submitted to the US 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.
24 Exchange is operated by 24 Exchange Bermuda Limited and 24 Exchange Broker Limited which are regulated by the BMA for the purposes of conducting digital asset business, pursuant to the Digital Asset Business Act.