24 Exchange has announced the completion of its first cryptocurrency non-deliverable forward (NDF) trades on its platform. This is coming just six months after the firm facilitated its first crypto trade.
The company is expecting to include Jane Street and others in its additional early crypto NDF trading participants. 24 Exchange is a unique platform, as it’s the only one that offers both FX institutional trading and cryptocurrency trading on a single platform. The trades involve QCP, XBTO, and ED&F Man Capital Markets.
Founder and Chief Executive Officer of 24 Exchange, Dmitri Galinov, stated that the company is at the “forefront of creating institutional markets for crypto trading.
The Company To Facilitate More Of Such Trades In The Future
He added that 24 Exchange is excited to provide a low-cost, seamless, and reliable platform to facilitate crypto NDF trades on FX Spot, FX NFT trading, and Spot crypto trading offerings.
He also congratulated the firm’s partners who have become the first NFD traders to register on the platform. The company says it will facilitate more such trades with institutional traders that want to invest in crypto assets.
24 Exchange Ensures A Broaders Digital Asset Adoption
Nicolas Genechesi, Director of Strategies at XBTO, stated that the XTBO will also offer support to innovative platforms and products within the digital asset ecosystem. The NDFs will open the door for traditional financial institutions, allowing them to make headway into the broader digital asset adoption.
He added that the company is thrilled to leverage its market expertise and infrastructure to participate as a major liquidity partner in the first crypto NDF transaction.
24 Exchange’s first launch of its crypto NDF trades has created the avenue for customers to take advantage of the company’s variety of services. This will enable Tier 1 institutions (hedge funds, banks, and non-banks) to access more liquidity and complete deals in the digital asset space.
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