24 Exchange has been granted a “Class T” Digital Asset Business license by the Bermuda Monetary Authority (BMA) to offer cryptocurrency trading.
Granted in accordance with the Bermuda Digital Asset Business Act 2018, the license authorizes 24 Exchange to launch physical cryptocurrency trading and cater the offering to institutional clients through its platform.
The company will leverage the BMA license to launch crypto trading this summer and then introduce a crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH.
The firm claims to have pioneered the trading of NDFs for cryptocurrencies on its platform and established standardized cryptocurrency NDF contracts.
Dmitri Galinov, 24 Exchange CEO and Founder, said: “This BMA license enables us to reliably bring low-cost institutional grade technology to clients who wish to trade cryptocurrency products.
“We intend to expand our platform’s trading capability in the future to encompass all the other assets on our exchange – all at best available rates. 24 Exchange’s unique NDF offering will significantly facilitate the institutional adoption of crypto products across the globe. Working with Premier Burt, the Bermuda Government’s Office of FinTech and the Bermuda Business Development Agency has been an absolute pleasure given their interest in and strong encouragement of digital asset business activity in Bermuda.”
Premier of Bermuda, the Hon. David Burt, JP, MP, said: “I wish to congratulate 24 Exchange on the successful receipt of a Class T Digital Asset Business license. This is the first license of its kind to be issued in Bermuda and we look forward to having these innovative digital pioneers blazing new trails in our jurisdiction.”
The 24 Exchange platform’s matching engine, located in New York (NY4 data center) and London (LD4 data center), delivers industry-leading performance at 75 microseconds round trip time for cryptocurrency trading.
That makes it one of the fastest in the financial-technology industry, among the 90th percentile while under load. That has led more than 45 large institutional players, including the majority of the top 20 Euromoney banks, to join 24 Exchange.
24 Exchange found that it was time to join the crypto trend and the BMA license allows the firm to do exactly that: expand its range of trading services beyond its current offerings, NDF trading, FX Swaps, and FX Spot, along with market access and monitoring services.
In March, 24 Exchange set a record for NDF ADV (single-counted) of $456 million, as well as a single-day record volume that same month in FX NDFs when in excess of $800 million traded.
CEO Dmitri Galinov pitched the company’s innovative plan for offering institutional cryptocurrency trading with crypto NDFs to a distinguished panel of judges during Whale Day at Bitcoin 2021. 24 Exchange won the Pitch Day competition.
24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost.
The firm’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day.