24 Exchange, a Bermuda-based multi-asset trading platform launched in 2019, has seen record daily and weekly records in forex non-deliverable forwards (NDFs) in October 2022.
The platform posted a record daily forex NDF trade volume of $1.476 billion on October 21 and a record weekly FX NDF trade volume of $1.175 billion between October 17-21, 2022, the company disclosed on Friday.
“During three of the last six weeks, average weekly FX NDF trading volume on the 24 Exchange platform surpassed $1 billion,” 24 Exchange added.
The company described these volumes as further proof of its growth and the market’s embrace of its product offerings.
“The recent growth of our NDF platform is a testament to our unwavering attention to providing our clients with the best possible trading experience and platform,” Jason Woerz, the President of 24 Exchange, said.
24 Exchange in a press statement said it expects to see continued growth not only in its FX NDF trading volumes but also in other asset classes as well.
The company, which was established by Dmitri Galinov, the founder of Fastmatch, said it was fostering relationships with a growing network of forex, cryptocurrency and NDF stakeholders and platforms.
In this same period last year, the company reported a monthly average daily volume of $514 million, which is its highest at the time.
Growth Moves
As a relatively new multi-asset trading platform, 24 Exchange has been making further moves in this year to expand its service offering and establish its footprint in the industry.
In March, the company raised $7.025 million from a fresh funding round, adding to the $14.25 million it raised late last year in a round led by Point72 Ventures.
The new round was led by Creek Digital, Aspire Financial, and Blackwells Capital LLC and saw participation from individual investors.
Galinov noted that the fund will help the company extend its institutional trading offerings beyond forex and cryptocurrency products.
Meanwhile, earlier in the year, 24 Exchange completed its first cryptocurrency NDF trade on its platform. The trades involved ED&F Man Capital Markets, XBTO and QCP, the company disclosed.
In February, 24 Exchange’s subsidiary, 24 Exchange Broker Limited, obtained a license from the Bermuda Monetary Authority to operate as a digital asset service vendor.
With the license, the subsidiary started operating as a central dealer for the crypto spot market in the country.
