24X Expands Partnership with StanChart

24X has announced it has expanded its partnership with Standard Chartered to include digital assets prime brokerage, initially for Bitcoin and Ethereum.

With this expansion, 24X says it has become the first trading platform to offer both crypto and FX products with Standard Chartered acting as the central counterparty. This structure allows counterparties to 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 adds that its aims to apply its expertise in NDF and FX spot and swaps to drive institutional adoption of digital assets. The two firms already give clients access to FX NDFs, spot, deliverable swaps, non-deliverable swaps, and metals. Bitcoin and Ethereum trading will operate in a similar capacity, it adds.

The news follows Standard Chartered serving as liquidity taker for first spot cryptocurrency trades on the 24X platform, with Cumberland DRW and Wintermute serving as liquidity providers.

“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,” 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.”