In October 2022, 24 Exchange, a multi-asset trading platform in Bamuda saw record numbers of forex non-deliverable forwards (NDFs) traded daily and weekly.
24 Exchange reached a record high for daily forex NDF trade volume at $1.476 billion. The company’s weekly FX NDF volume between October 17-21 was also historic, measuring in at $1.175 billion as disclosed on Friday. 24 Exchange said the average weekly FX NDF trading volume surpassed $1 billion. The increased sales figures further showcased its growth and the market’s acceptance of its product offerings.
According to Jason Woerz, 24 Exchange President, the NDF platform’s recent growth displays our immense dedication to giving our clients the best trading experience and platform.
24 Exchange stated that it anticipates sustained growth in its FX NDF trading volumes and other asset classes.
Dmitri Galinov, the founder of Fastmatch, established the company intending to provide a space for relationships between forex, cryptocurrency and NDF stakeholders and platforms to grow. Last year, during this same period, the company’s daily volume reached an all-time high of $514 million.
24 Exchange, a multi-asset trading platform that is relatively new to the industry, has been working hard this year to expand its service offerings and establish itself as a force to be reckoned with. The platform received an influx of $7.025 million from a round of funding in March, which follows the $14.25 million it raised late last year led by Point72 Ventures. With this cash injection, 24 Exchange seems poised for continued growth and expansion in the coming months and years.
Creek Digital, Blackwells Capital LLC, and Aspire Financial headed the new round of funding with help from individual investors. Galinov remarked that the company would be able to use the fund to expand its institutional trading services beyond forex and cryptocurrency products.
Earlier this year, 24 Exchange completed its first cryptocurrency NDF trade on its platform. The trades involved XBTO, QCP and ED&F Man Capital Markets. In February, the company’s subsidiary obtained a license from the Bermuda Monetary Authority to operate as a digital asset service vendor. With the license, the subsidiary started operating as a central dealer for crypto spot market trading in Bermuda.