24 Exchange, a Bermuda-based multi-asset trading
platform launched in 2019, saw 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, President of 24
Exchange, said.
24 Exchange in a press statement further 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, 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.
24 Exchange, a Bermuda-based multi-asset trading
platform launched in 2019, saw 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, President of 24
Exchange, said.
24 Exchange in a press statement further 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, 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.
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