24 Exchange, the OTC platform established by the Founder of Fastmatch, Dmitri Galinov, has announced that its new subsidiary business, 24 Exchange Broker Limited, has obtained a license from the Bermuda Monetary Authority (BMA) to start operating as a digital asset service vendor today. In addition, the license certifies the 24 Exchange platform as a major seamless exchange for trading a wide variety of FX and crypto-assets.
24 Exchange Broker Ltd. received the 'Class T' Digital Asset Business Act (DABA) license on February 8 and began operating a central dealer function for the crypto market in the country. The license has enabled the company to facilitate a central dealer function for the spot cryptocurrency trading services that offers greater autonomy for institutional traders. The new offering by the company helps to accelerate the adoption of crypto products among institutional clients in the region and provides institutional customers with access to an anonymous liquidity cryptocurrency spot pool.
Dmitri Galinov, the CEO and Founder of 24 Exchange, talked about the development: "This BMA license for 24 Exchange Broker Ltd. enables us to bring spot cryptocurrency trading onto our institutional-grade platform, making it more available, accessible and standardized. We are pleased to continue to drive the institutional adoption of crypto products trading at the best available rates and with around-the-clock availability. Our company truly appreciates the efficient work of the Bermuda Government's Office of FinTech and the Bermuda Business Development Agency, as well as their dedication to supporting the growth of the digital asset sector in Bermuda."
Driving Institutional Adoption of Digital Assets
Established in 2019, 24 Exchange continues to expand its multi-asset trading platform. In July last year, the company obtained a ‘Class T’ Digital Asset Business license from the Bermuda government to open crypto trading services for institutions. Also, at the same time, the firm acquired New York-based technology and service provider 11B Technologies to enable it to provide the ideal technological platform for its expansion.
In November 2021, 24 Exchange tapped the services of FairXchange for independent execution analytics to enhance its ability to assess performance and improve the efficiency of its robust institutional-grade platform.
In December last year, the firm raised $14.25 million in a funding round led by Point72 Ventures. 24 Exchange used the funding to support the platform’s expansion to encompass additional asset classes, including equities and cryptocurrencies, to provide new trading options for its increasing base of institutional market clients.
In March 2020, the firm received a strategic investment from Standard Chartered PLC and used the fund to offer improved pricing and liquidity for its customers and clients and counterparties in the FX markets.
