24 Exchange in Funding Round
Posted by Colin Lambert. Last updated: December 1, 2021
24 Exchange has raised $14.25 million in a funding round led by Point72 Ventures. The firm says the investment will support the continued expansion of the company’s trading platform to encompass additional asset classes, including equities and cryptocurrencies and bring new trading options to 24 Exchange’s clients.
24 Exchange recently filed key portions of a Form 1 application in draft form with the US Securities and Exchange Commission (SEC) for a license to operate a national securities exchange. Subject to SEC approval, the proposed exchange would operate around the clock, 365 days-a-year, and enable trades in US equities with a minimum increment of one one-thousandth of a share.
In September, the firm completed its first physical cryptocurrency trade under its “Class T” Digital Asset Business license from the Bermuda Monetary Authority.
“In the company’s first 24 months, we’ve successfully delivered an over-the-counter FX trading solution to clients that offers significantly reduced costs and improved functionality,” says Dmitri Galinov, CEO and founder of 24 Exchange. “We look forward to putting this additional operating capital to work to further expand our offerings beyond FX non-deliverable forward (NDF) trading, FX swaps, FX spot, and our most recent addition, cryptocurrency trading.”
Pete Casella, partner at Point72 Ventures, adds “We believe that widespread institutional adoption of crypto will require building bridges that enable traditional financial firms to access crypto in a way that looks and feels like how they operate in other tradable assets, such as FX or derivatives. 24 Exchange is doing just that by introducing innovations like the crypto non-deliverable forward contract, which allows institutions to gain exposure to this new asset class without taking on the risk, capital requirements, and regulatory uncertainty associated with carrying the underlying asset on their balance sheet.”