24 Exchange announced today that it completed its first cryptocurrency NDF (non-deliverable forward) trades on its platform involving ED&F Man Capital Markets, XBTO and QCP in February. The company expects additional early crypto NDF trading participants to include Jane Street and others.
24 Exchange, which offers both cryptocurrency and FX institutional trading on one platform, is pioneering an institutional market for trading crypto NDF and Spot crypto assets.
Dmitri Galinov, 24 Exchange CEO and Founder, said,
“By completing the first-ever crypto electronic NDF trades on our multi-asset platform, 24 Exchange is at the forefront of creating institutional markets for crypto trading. We are excited to offer our customers a reliable, seamless and low-cost platform to facilitate crypto NDF trades on top of our Spot crypto trading offerings, FX NDF trading and FX Spot. We congratulate our partners on being the first crypto NDF traders on our platform and look forward to facilitating many more such trades in the future with institutions who wish to invest in crypto assets.”
XBTO Director of Strategies Nicolas Genechesi said,
“XBTO has a core culture of supporting innovative platforms and products within the digital asset ecosystem. NDFs will be an important gateway product for traditional finance institutions into broader digital asset adoption, and 24X has created a visionary platform to cultivate this emergent market. We’re excited to leverage our infrastructure and market expertise to participate as key liquidity partner, and counterparty in the first cryptocurrency NDF transaction.”
The platform’s first production of its crypto NDF trades paves the way for customers to harness 24 Exchange’s variety of services to make deals in the digital asset space and helps Tier 1 institutions (banks, non-banks, hedge funds) gain access to this liquidity.
24 Exchange recently submitted to the U.S. Securities and Exchange Commission a final Form 1 application for a license to create a new national exchange that would allow 24/7/365 trading of U.S. securities.