24 Exchange, Dmitri Galinov’s over-the-counter (OTC) platform, has secured a ‘Class T’ Digital Asset Business license from the Bermuda Monetary Authority (BMA) and is now planning to open cryptocurrency trading services for institutions.
Announced on Tuesday, the license was given under the Bermuda Digital Asset Business Act 2018 and is the first such permission given to any company.
“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,” Premier of Bermuda, David Burt, said.
Expanding Services for Institutions
24 Exchange was established in 2019. The platform is known for offering FX NDFs and also launched an anonymous interbank FX Swaps order book with streaming quotes earlier this year.
With the newly gained license, the company is considering launching physical cryptocurrency trading to its institutional clients later this summer. Furthermore, it will also facilitate crypto trading with Bitcoin and Ethereum NDFs.
24 Exchange is already a popular platform among institutions. According to the company, it has onboarded more than 45 large institutional clients. With the growing demand for its products, the company strengthened its team with a few key hires.
For its crypto trading services, 24 Exchange is claiming that it will deliver matching engine performance at 75 microseconds round trip time. It further detailed that its matching technology is located in the data centers in New York (NY4) and London (LD4).
“This BMA license enables us to reliably bring low-cost institutional-grade technology to clients who wish to trade cryptocurrency products,” Galinov said in a statement.
“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.”
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