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Press release content from PR Newswire. The AP news staff was not involved in its creation.
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Press release content from PR Newswire. The AP news staff was not involved in its creation.

24 Exchange Completes First Physical Cryptocurrency Trade

September 15, 2021 GMT

HAMILTON, Bermuda, Sept. 15, 2021 /PRNewswire/ -- 24 Exchange announced today that it has completed its first physical cryptocurrency trade on its robust institutional-grade platform, making it the only global platform offering both crypto and FX trading on a single technology.

24 Exchange now gives crypto traders access to the proven stability, strength, and cost efficiencies that its platform has been delivering to FX trading customers for almost two years. This development follows the company’s receipt of a “Class T” Digital Asset Business license from the Bermuda Monetary Authority in July.

Serving as counterparties for 24 Exchange’s first crypto trade on its platform were Cumberland DRW as the liquidity provider, and QCP Capital as the liquidity taker. Joining with Cumberland DRW and QCP will further establish 24 Exchange as a leading multi-asset exchange platform.

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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, said, “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 expects to begin offering crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH in the coming months.

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About 24 Exchange
24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. 24 Exchange’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 24 Exchange is operated by 24 Exchange Bermuda Limited. 24 Exchange Bermuda Limited is regulated by the Bermuda Monetary Authority for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.

More information is available at https://www.24exchange.net/.

24 Exchange Media Contact:
Eric Andrus
KARV Communications
eca@karvcommunications.com
+1-212-333-0275

About QCP Capital
QCP Capital is a global leader in digital asset derivatives with over $1.5 billion in assets deployed. Strategically headquartered in Singapore, our team of 70 focuses on spot trading in Asian local markets and crypto options globally.

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SOURCE 24 Exchange