just now
July 27, 2021 - 24 Exchange Bermuda Ltd, which operates the multi-asset class trading platform, 24 Exchange, today announced the acquisition of New York-based technology and service provider 11B Technologies. This announcement follows on from the news last week that 24 Exchange has been awarded a "Class T" Digital Asset Business crypto trading license from the Bermuda Monetary Authority to offer crypto currency trading on its platform.
Dmitri Galinov, 24 Exchange CEO and Founder, said, "24 Exchange intends to aggressively expand into additional products such as Crypto physical and Crypto NDFs. Our acquisition of 11B provides the ideal technological platform for that expansion. 11B has developed incredible low latency, robust and very scalable software across a range of clients and asset classes. We have been working with the talented 11B team for a long time, and are very happy to welcome them into the 24 Exchange team."
11B has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot. The acquisition of 11B includes the company's IP and software. In addition, the 11B software development and business support team and its president will join 24 Exchange.
Eduard Yusupov, President and Founding Partner of 11B Technologies, said, "We are excited to join 24 Exchange. This team has a unique vision, drive and the expertise needed to seize market opportunities and compete with existing service providers on a global scale. This acquisition creates substantial value and synergy for the shareholders of 24 Exchange. This combination will bring new technology offerings to 24 Exchange customers and help expand market reach and service capabilities."
Among its services, 11B provides order, execution and risk management systems for FX Spot, FX Swaps, FX NDF, Crypto Spot and Crypto NDFs. It also provides matching engine, CRM and back office connectivity through FIX API, GUI and mobile interfaces. 11B technology provides post-trade and third-party systems integrations with matching engines located in Equinix data centers in London (LD4) and New York (NY4).
