24X Enters Spot Crypto Fray

24 Exchange says it has completed its first spot cryptocurrency trade on its trading platform, becoming one of what it says is a select few global venues that offer both crypto spot and FX trading on a single, unified technology infrastructure.

The inaugural trade was executed in bitcoin as part of 24X’s existing strategic partnership with Standard Chartered, which acted as liquidity taker. Cumberland DRW served as liquidity provider.

“Institutional demand for digital assets has never been stronger, and today’s milestone crypto trade demonstrates that the 24X platform is ready for it,” says 24X CEO and founder, Dmitri Galinov. “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 look forward to rapidly expanding our crypto spot offering as global markets continue to converge around digital assets.”

John Newman, Standard Chartered’s global head of rates & FX trading and head of markets UK & Europe, adds, “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.”

Meanwhile, Chris Zuehlke, global co-head at Cumberland DRW, says, “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.”