24 Exchange in milestone trade completion
Bermudian-based fintech company 24 Exchange has completed its first crypto currency non-deliverable forward trades on its platform, the organisation announced.
The trades involved ED&F Man Capital Markets, XBTO and QCP in February.
The company said it expects additional early crypto NDF trading participants to include Jane Street.
24 Exchange, the only global platform to offer both crypto currency and FX (foreign exchange) institutional trading on one platform, is pioneering an institutional market for trading crypto NDF and spot crypto assets.
Dmitri Galinov, 24 Exchange CEO and founder, said: "By completing the first-ever crypto electronic NDF trades on our multi-asset platform, 24 Exchange is at the forefront of creating institutional markets for crypto trading.
“We are excited to offer our customers a reliable, seamless and low-cost platform to facilitate crypto NDF trades on top of our spot crypto trading offerings, FX NDF trading and FX Spot.
“We congratulate our partners on being the first crypto NDF traders on our platform and look forward to facilitating many more such trades in the future with institutions who wish to invest in crypto assets."
XBTO director of strategies Nicolas Genechesi said: "XBTO has a core culture of supporting innovative platforms and products within the digital asset ecosystem.
“NDFs will be an important gateway product for traditional finance institutions into broader digital asset adoption, and 24X has created a visionary platform to cultivate this emergent market.”
Christopher J Smith, global chief executive officer of ED&F Man Capital Markets, said:"OTC NDF trading in crypto facilitates financial institutions' ability to gain exposure to digital assets in a familiar derivatives class.
“We are committed to being at the forefront of innovation for institutional grade trading solutions in the digital asset space and welcome the extensive capabilities of 24 Exchange's cutting-edge platform."
The company said the platform's first production of its crypto NDF trades paves the way for customers to harness 24 Exchange's variety of services to make deals in the digital asset space and helps tier one institutions -- banks, non-banks, hedge funds -- gain access to this liquidity.
24 Exchange is operated by 24 Exchange Bermuda Limited and 24 Exchange Broker Limited which are regulated by the Bermuda Monetary Authority for the purposes of conducting digital asset business, pursuant to the Digital Asset Business Act.