24 Exchange, a trading platform that has a mission is to enable the “most cost-effective trades across a growing range of asset classes, 24 hours a day” has raised $14.25 million led by Point72 Ventures.
Point72 Ventures is Steve Cohen’s VC firm. Cohen is a billionaire and owner of the New York Mets.
In a release, 24 Exchange said the money will support the expansion of its multi asset trading platform that includes stocks as well as crypto. This expansion is expected to bring new trading options to 24 Exchange’s growing base of institutional investors.
24 Exchange has filed portions of a Form 1 application in draft form with the U.S. Securities and Exchange Commission 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.
24 Exchange said that in September it completed its first physical cryptocurrency trade under its “Class T” Digital Asset Business license from the Bermuda Monetary Authority.
Dmitri Galinov, CEO and Founder of 24 Exchange, said 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.”
The company believes that with much FX trading taking place on OTC desks this creates an opportunity as “OTC desks lack the central authority, automation, and safety of an exchange, which may expose traders to unnecessary counterparty risk.”
Pete Casella, Partner at Point72 Ventures, said they believe that widespread institutional adoption of crypto will require building bridges that enable traditional financial firms to access crypto:
“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.”
24 Exchange Bermuda Limited is regulated by the Bermuda Monetary Authority for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.
