24 Exchange Secures Funding, Hits New NDF Peak

24 Exchange has raised just over $7 million in a funding round led by Morgan Creek Digital, Aspire Financial, Blackwells Capital and several individual investors. The firm says the funding will help further expand its multi-asset trading platform to encompass additional asset classes, including cryptocurrencies and equities for institutional market clients.

24 Exchange’s previous capital raise of $14.25 million was led by Point72 Ventures last August. More recently, 24 Exchange began operating a central dealer function for the cryptocurrency market following its receipt of a “Class T” Digital Asset Business Act license from the Bermuda Monetary Authority earlier in February. Also last month it submitted to the US Securities and Exchange Commission an application for a license to create a new national exchange that would allow the 24 hour a day, seven days a week, trading of securities.

Elsewhere, 24 Exchange also announced that on February 24 the volume of FX NDF trading on its platform surpassed $1.2 billion. The company also set a new monthly record for FX trading volume on its platform during February 2022.

“This new round of investment will help 24 Exchange extend our institutional trading offerings within and beyond FX and cryptocurrency products,” says Dmitri Galinov, CEO and founder of 24 Exchange. “We welcome the backing of such proven investors as Mark Yusko’s Morgan Creek Digital, Aspire Financial and Blackwells Capital as we work to bring new low-cost asset trading services to our growing global base of institutional customers. The market’s response to our FX NDF offering has been remarkable, as demonstrated by the fact that our customers have now traded more than one billion dollars’ worth of these assets in a single day on the 24 Exchange platform.”

Mark Yusko, founder, CEO and chief investment officer of Morgan Creek Capital Management, adds, “We are excited to partner with Dmitri and [24X COO and president] Jason [Woerz] at 24 Exchange. We are of the belief that Dmitri’s and Jason’s experience, leadership, and sense of mission will help 24 Exchange become a notable and leading solutions provider in the institutional cryptocurrency marketplace. We are eagerly looking forward to banks becoming staple participants in the cryptocurrency markets using 24 Exchange’s NDF solutions.”