24 Exchange, Dmitri Galinov’s over-the-counter (OTC) platform, announced on Monday that it had completed its first cryptocurrency non-deliverable forward (NDF) trades on its platform in February.
According to the press release, it involved ED&F Man Capital Markets, XBTO and QCP. “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,” said Galinov, the CEO and Founder of 24 Exchange .
Jane Street and others are likely to become early crypto NDF trading participants for the company. “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. We’re excited to leverage our infrastructure and market expertise to participate as key liquidity partner and counterparty in the first cryptocurrency NDF transaction,” Nicolas Genechesi, XBTO’s Director of Strategies, commented.
Chris J. Smith, the Global Chief Executive Officer of ED&F Man Capital Markets, who was involved in the first crypto NDF trade on the 24X platform, 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.”
Recent Funding
The platform’s first production of crypto NDFs enables customers to take advantage of 24 Exchange’s variety of services to make digital asset deals and helps Tier 1 institutions (banks, non-banks, hedge funds) gain access to this liquidity .
Last week, 24 Exchange announced that the platform had closed a fresh funding round, raising $7.025 million.
