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24X Bermuda Limited (24X) has expanded its partnership with Standard Chartered to include digital assets prime brokerage, enabling trading in Bitcoin (BTC) and Ethereum (ETH) on the 24X institutional-grade, multi-asset trading platform.
24X is one of a select few global platforms that offer both crypto spot and FX trading on a single, unified technology infrastructure. Standard Chartered is a leading international banking group.
With the expansion, 24X becomes the first trading platform to offer both crypto and FX products with Standard Chartered acting as the central counterparty. In a prime brokerage arrangement, clients typically deal with the prime broker rather than with each liquidity provider directly. Here, counterparties face only Standard Chartered while accessing OTC liquidity through 24X, which operates the execution-only platform and handles liquidity configuration, matching and straight-through processing (STP).
24X is recognised globally as a leading FX NDF platform and also offers FX spot and swaps. The company aims to apply that expertise to drive institutional adoption of digital assets, having previously reported record FX NDF volumes.
24X and Standard Chartered’s Prime Brokerage business already give clients access to FX NDFs, FX Spot, FX Deliverable Swaps, FX Non-Deliverable Swaps and Metals. Bitcoin and Ethereum trading will operate in a similar capacity.
The announcement follows Standard Chartered serving as liquidity taker for the first spot cryptocurrency trades on the 24X platform, with Cumberland DRW and Wintermute serving as liquidity providers.
Dmitri Galinov, Chief Executive Officer and Founder, 24X
Dmitri Galinov, Chief Executive Officer and Founder, 24X said:
“Institutional interest in digital assets is rapidly increasing, and this expansion of our partnership with Standard Chartered will enable the 24X platform to continually meet that demand. 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 deepen our relationship as global markets continue to converge around digital assets.”
24X Bermuda Limited’s cryptocurrency activity is regulated by the Bermuda Monetary Authority. 24X also offers Deliverable Swaps, Non-Deliverable Swaps, Metals and Spot products to institutional customers in addition to NDFs. Since its launch in 2019, its multi-asset offering through a single trading interface has enabled market participants to access increased liquidity at lower cost.
Through its subsidiary 24X National Exchange, trading in U.S. equities is available 16/5 via broker-dealers who are approved members of the Exchange.
24X Bermuda Holdings LLC is a privately held company with two primary operating subsidiaries: 24X Bermuda Limited and 24X National Exchange LLC, the first national securities exchange approved by the U.S. Securities and Exchange Commission (SEC) to operate 23 hours each weekday. 24X Bermuda is a registered Introducing Broker with the U.S. Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA ID #0556980).
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