24X Completes First Spot Cryptocurrency Trade With Standard Chartered and Cumberland DRW

24X Bermuda Limited has completed its first spot cryptocurrency trade on its institutional-grade, multi-asset trading platform, positioning itself among a small group of global venues offering both crypto spot and FX trading on a single technology infrastructure.

The inaugural trade was executed in Bitcoin (BTC) as part of 24X's existing strategic partnership with Standard Chartered, a leading international banking group and one of the world's global systemically important banks (G-SIBs). Standard Chartered acted as liquidity taker, while Cumberland DRW served as liquidity provider for the transaction.

Dmitri Galinov, CEO and Founder, 24X

Dmitri Galinov, CEO and Founder, 24X commented:

"Institutional demand for digital assets has never been stronger, and today's milestone crypto trade demonstrates that the 24X platform is ready for it. Our crypto trading infrastructure delivers the deep liquidity, rigorous oversight, and the same seamless workflow global financial institutions have come to expect from 24X. We are proud to have Standard Chartered and Cumberland DRW as the counterparties for this landmark transaction, and we look forward to rapidly expanding our crypto spot offering as global markets continue to converge around digital assets."

John Newman, Global Head of Rates & FX Trading and Head of Markets UK & Europe, Standard Chartered

John Newman, Global Head of Rates & FX Trading and Head of Markets UK & Europe, Standard Chartered commented:

"Institutional demand for digital assets continues to grow as the market evolves and regulatory frameworks mature. Standard Chartered is committed to providing clients with secure, regulated and institutional-grade access to digital asset markets. This successful trade highlights the strength of our global trading capabilities, robust infrastructure and risk management framework, while demonstrating how regulated banking institutions can help bridge traditional finance and the digital assets ecosystem."

Chris Zuehlke, Global Co-Head, Cumberland DRW said:

"We are proud to have served as liquidity provider to Standard Chartered for this milestone Bitcoin trade on 24X. For more than a decade, Cumberland has helped build institutional digital asset markets by providing deep, reliable liquidity backed by DRW's 30-plus years of expertise managing risk across global financial markets. As institutional adoption accelerates, we remain focused on delivering the execution quality and market infrastructure that enable banks and other institutions to trade digital assets with confidence."

24X Bermuda Limited's cryptocurrency activity is regulated by the Bermuda Monetary Authority. In addition to crypto spot trading, 24X offers Deliverable Swaps, Non-Deliverable Swaps, Metals and Spot products to institutional customers, alongside NDFs. Since its launch in 2019, the firm's multi-asset offering through a single trading interface has enabled market participants to access increased liquidity at lower cost.

24X Bermuda Holdings LLC, trading as 24 Exchange, is a privately held company with two primary operating subsidiaries: 24X Bermuda Limited, which facilitates the exchange of currency exposures, and 24X National Exchange LLC, the first national securities exchange approved by the US Securities and Exchange Commission to operate 23 hours each weekday. 24X National Exchange enables retail and institutional customers around the world to trade US equities via approved broker-dealer members.

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