24 Exchange also recently submitted its final Form 1 application to the SEC for a license to operate a new National Securities Exchange.
HAMILTON, Bermuda, February 16, 2022 /PRNewswire/ — 24 Exchange today announced that its new subsidiary, 24 Exchange Broker Limited, has received a license from the Bermuda Monetary Authority (BMA) to begin operating as a digital asset service provider. . This license further cements the 24 Exchange platform at the forefront of transparent exchange trading across a wide range of FX and crypto assets.
The company has also submitted to the United States Securities and Exchange Commission the February 2 a Form 1 final application for a license to create a new national stock exchange. If approved, this new exchange will be the first fully electronic exchange in the United States allowing securities to be traded 24 hours a day, 7 days a week, 365 days a year.
24 Exchange Broker Ltd. received the “Class T” Digital Asset Business Act (DABA) license on February 8 and began operating a central dealer function for the cryptocurrency market. 24 Exchange Bermuda Ltd. previously obtained a “Class T” cryptocurrency DABA license from BMA in July 2021and completed its first bilateral spot cryptocurrency trade last September.
The 24 Exchange trading platform facilitates a central broker function for the cryptocurrency spot market, provides greater autonomy for traders, and has the potential to significantly accelerate the adoption of cryptocurrency products by institutional clients. Institutional clients who join 24 Exchange Broker Ltd. as a single counterparty are able to access a deep pool of anonymous liquidity instead of having to onboard each counterparty individually.
Dmitry Galinov, CEO and Founder of 24 Exchange, said: “This BMA license for 24 Exchange Broker Ltd. allows us to introduce spot cryptocurrency trading to our institutional-grade platform, making it more available, accessible and standardized. We are pleased to continue to drive institutional adoption of crypto products at the best available rates and with 24 hour availability. Our company truly appreciates the efficient work of the Government of Bermuda’s Office of Fintech and the Bermuda business development – as well as their dedication to supporting the growth of the digital asset industry by Bermuda.”
24 Exchange has fully integrated its Broker trading platform with digital service providers Zero Hash and Fireblocks to enable post-trade and custody solutions. Additionally, 24 Exchange’s existing partnerships allow for a greater exchange of assets; for example, its partnership with Cobalt offers a portfolio collateral and counterparty solution. With Cobalt, a broker’s clients can use their own collateral in their wallet infrastructure to enable trading, eliminating the need to deposit funds upfront.
24 Exchange pioneered the trading of NDFs against cryptocurrencies on its 24/7/365 platform and established standardized cryptocurrency NDF contracts.
About 24 Exchange
24 Exchange is a multi-asset class trading platform that allows market participants to trade their exposures at the lowest possible cost. 24 Exchange’s mission is to enable members to initiate the most profitable trades across a growing range of asset classes, around the clock. 24 Exchange reduces the cost of trading assets in global markets while offering creative and unique workflows tailored to each asset class. 24 Exchange is operated by 24 Exchange Bermuda Limited and 24 Exchange Broker Limited, which are regulated by the Bermuda Monetary Authority (BMA) for the purpose of conducting digital asset business in accordance with the Digital Asset Business Act.
More information is available at https://www.24exchange.net/.
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SOURCE 24 Exchange