24 Exchange Details First Crypto NDF Trade

As previously reported by The Full FX, 24 Exchange has completed its first cryptocurrency NDF trades on its platform, and has provided further details.

The trades involved ED&F Man Capital Markets, XBTO and QCP in February and 24 Exchange says it expects additional early crypto NDF trading participants to include Jane Street and others.

“By completing the first crypto electronic NDF trades on our multi-asset platform, 24 Exchange is at the forefront of creating institutional markets for crypto trading,” says Dmitri Galinov, 24 Exchange CEO and founder. “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.”

24 Exchange completed the first spot cryptocurrency trade on its platform in September 2021.

“XBTO has a core culture of supporting innovative platforms and products within the digital asset ecosystem,” says XBTO director of strategies Nicolas Genechesi. “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.”

Christopher Smith, global CEO of ED&F Man Capital Markets, adds, “OTC NDF trading in crypto facilitates financial institutions’ ability to gain exposure to digital assets in a familiar derivatives class. We are committed to being at the forefront of innovation for institutional grade trading solutions in the digital asset space and welcome the extensive capabilities of 24 Exchange’s cutting-edge platform.”

Meanwhile, Eric Knight of Jane Street crypto trading, says, “The ability to trade crypto NDFs has been a sought-after capability as institutional investors look to expand their participation in the crypto ecosystem. 24 Exchange’s platform represents an exciting new solution, and we are pleased to join the increasing number of institutional-grade service providers who are utilising this robust global platform.”