The average daily volume (ADV) of forex non-deliverable forwards (NDFs) traded on 24 Exchange hit over $1 billion in January 2023, Dmitri Galinov, the Chief Executive Officer of the Bermuda-based multi-asset trading platform disclosed on Thursday.
24 Exchange hit a new milestone three months after the trading platform, which was launched in 2019, reported daily and weekly records in its forex NDFs. In October, the volume of daily forex NDFs traded on 24 Exchange reached a record $1.476 billion on the 21st day of the month. Additionally, the platform posted a record weekly FX NDF trade volume of $1.175 billion between October 17-21, 2022.
Furthermore, the industry starter disclosed that the average weekly FX NDFs trading volume on its platform surpassed $1 billion during three of the last six weeks in that period. However, January 2023 produced a newer record, displacing the old. Jason Woerz, the President of 24 Exchange, previously noted that the trading platform has been deepening its relationship with a growing network of forex, cryptocurrency and NDF stakeholders and platforms.
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24 Exchange Sets Eyes on Growth
Over the last few months, 24 Exchange has been taking steps to establish its presence in the industry. In March last year, the startup secured $7 million to expand its offering including onboarding cryptocurrency and equity products for institutional investors. The capital served as an addition to the $14 million it had raised in an earlier round led by Point72 Ventures.
Already, 24 Exchange has recorded significant progress in its journey towards cryptocurrency. Days after raising new capital in March, the trading platform provider finalized its first crypto NDF trades in a milestone event that enjoyed the participation of ED&F Man Capital Markets, XBTO and QCP. On top of this, in February, the company secured the license to kick off its cryptocurrency spot trading activities in Bermuda.
Meanwhile, in 2021, 24 Exchange expanded into interbank forex swaps and launched its first trade with Standard Chartered Bank, its central counterparty partner.
