Dmitri Galinov’s 24 Exchange completes first physical cryptocurrency trade
The company expects to begin offering crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH in the coming months.
24 Exchange has announced the execution of a physical cryptocurrency trade, being the first of its kind on its institutional-grade platform.
Cumberland DRW acted as the liquidity provider for 24 Exchange’s first crypto trade and QCP Capital acted as the liquidity taker.
The exchange operator offers both crypto and FX trading on a single technology. FX trading has been delivered on the platform for almost two years and now cryptocurrency trading is also an option.
24 Exchange has recently been granted a “Class T” Digital Asset Business license from the Bermuda Monetary Authority. The company expects to begin offering crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH in the coming months.
Dmitri Galinov, 24 Exchange CEO and Founder, said: “We are thrilled to have put the Bermuda Digital Asset Business license to work so quickly for our institutional clients who are seeking a low-price option for trading cryptocurrency products. We are very pleased with the market’s response to each new offering we add to our exchange, and look forward to further expanding our range of trading services in the future. While the company has grown quickly, we firmly believe that the best is yet to come as we continue to innovate and bring even more trade services to the global market at lower prices.”
Paul Kremsky, Global Head of Business Development and Relationship Management at Cumberland DRW, said: “Cumberland is proud to be the endpoint of liquidity for trading desks around the globe, and we look forward to working with 24 Exchange and its institutional user base.”
Darius Sit, Co-Founder of QCP Capital, commented: “QCP Capital is proud to be the first trading participant on 24 Exchange. As an institutional-focused trading firm, we welcome partners like 24 Exchange who elevate the digital asset trading space with great tech and infrastructure.”
Paul Millward, Head of Product at 24 Exchange, added: “Working with Cumberland DRW and QCP has enabled us to expand our services to physical crypto trading with proven counterparty providers. We’re pleased to offer crypto trades on our platform with a workflow that is seamless, and accessible for our customers.”
24 Exchange has recently bought the NY-based 11B Technologies for an undisclosed sum. The acquired company provides brokerage solutions and integrations for OTC venues, brokers and professionals. 11B has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot.
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.
