The average daily volume (ADV) of forex non-deliverable forwards (NDFs)
traded on 24 Exchange hit over $1 billion in January 2023, Dmitri
Galinov, the Chief Executive Officer of the Bermuda-based multi-asset trading platform
disclosed on Thursday.
24 Exchange hit the new milestone three months after the trading platform,
which was launched in 2019, reported daily and weekly records in its forex NDFs. In
October, the volume of daily forex NDFs traded on 24 Exchange reached a record
$1.476 billion on the 21st day of the month. The platform also posted a record
weekly FX NDF trade volume of $1.175 billion between October 17-21, 2022.
Furthermore, the industry starter disclosed that average weekly FX NDFs
trading volume on its platform surpassed $1 billion during the three of the last
six weeks during that period. However, January 2023 produced a newer record, displacing the old. Jason Woerz, the President of 24 Exchange, previously noted that the
trading platform has been deepening its relationship with a growing network of
forex, cryptocurrency and NDF stakeholders and platforms.
Watch the recent FMLS22 session on trends that will define the forex and crypto industry this year.
Over the last months, 24 Exchange has been taking steps to establish its
presence in the industry. In March last year, the startup secured $7 million to
expand its offering including onboarding cryptocurrency and equity products for institutional investors. The capital served an addition to the $14 million it raised in an earlier round
led by Point72 Ventures.
Already, 24 Exchange has record significant progress in its journey towards cryptocurrency. Days after raising a new capital in March, the trading platform
provider finalized its first crypto NDF trades in a milestone event
that enjoyed the participation of ED&F Man Capital Markets, XBTO and QCP. On top of this, in February, the company secured the license to kick off its
cryptocurrency spot trading activities in Bermuda.
Meanwhile, in 2021, 24 Exchange expanded into interbank forex swaps and launched its
first trade with Standard Chartered Bank, its central counterparty
partner.
The average daily volume (ADV) of forex non-deliverable forwards (NDFs)
traded on 24 Exchange hit over $1 billion in January 2023, Dmitri
Galinov, the Chief Executive Officer of the Bermuda-based multi-asset trading platform
disclosed on Thursday.
24 Exchange hit the new milestone three months after the trading platform,
which was launched in 2019, reported daily and weekly records in its forex NDFs. In
October, the volume of daily forex NDFs traded on 24 Exchange reached a record
$1.476 billion on the 21st day of the month. The platform also posted a record
weekly FX NDF trade volume of $1.175 billion between October 17-21, 2022.
Furthermore, the industry starter disclosed that average weekly FX NDFs
trading volume on its platform surpassed $1 billion during the three of the last
six weeks during that period. However, January 2023 produced a newer record, displacing the old. Jason Woerz, the President of 24 Exchange, previously noted that the
trading platform has been deepening its relationship with a growing network of
forex, cryptocurrency and NDF stakeholders and platforms.
Watch the recent FMLS22 session on trends that will define the forex and crypto industry this year.
Over the last months, 24 Exchange has been taking steps to establish its
presence in the industry. In March last year, the startup secured $7 million to
expand its offering including onboarding cryptocurrency and equity products for institutional investors. The capital served an addition to the $14 million it raised in an earlier round
led by Point72 Ventures.
Already, 24 Exchange has record significant progress in its journey towards cryptocurrency. Days after raising a new capital in March, the trading platform
provider finalized its first crypto NDF trades in a milestone event
that enjoyed the participation of ED&F Man Capital Markets, XBTO and QCP. On top of this, in February, the company secured the license to kick off its
cryptocurrency spot trading activities in Bermuda.
Meanwhile, in 2021, 24 Exchange expanded into interbank forex swaps and launched its
first trade with Standard Chartered Bank, its central counterparty
partner.