24 Swap is a multi-asset class trading platform that enables market players to interchange their exposures at the lowest fee feasible. 24 Exchange Bermuda Limited is the company that runs the exchange. The Bermuda Monetary Authority regulates 24 Exchange Bermuda Limited for the job of carrying out Digital Asset Business under the Digital Asset Business Act.
24 Exchange currently provides cryptocurrency traders with the same demonstrated stability, robustness, and cost savings that its system has provided to Forex trading clients for over two years. This comes after the business was granted a “Class T” Digital Asset Business license by the Bermuda Monetary Authority in July.
Cumberland DRW, as the liquidity provider, and QCP Capital, as the liquidity taker, were the participants for 24 Exchange’s first cryptocurrency transaction on its marketplace. The collaboration with Cumberland DRW and QCP will strengthen 24 Exchange’s position as a premier multi-asset exchange platform.
Dmitri Galinov, CEO and Founder of 24 Exchange, said, “We are delighted to have been able to put the Bermuda Digital Asset Business license to use so fast for our institutional customers looking for a low-cost alternative for trading bitcoin goods. We are happy with the market reaction to each new product we add to our exchange, and we look forward to extending our variety of trading services in the future. While the business has expanded rapidly, we are certain that the best is yet to come as we continue to innovate and offer more trade services to the worldwide market at lower costs.”
“Cumberland is pleased to be the endpoint of liquidity for trading desks across the world,” said Paul Kremsky, Global Head of Business Development and Relationship Management at Cumberland DRW. “We look forward to working with 24 Exchange and its institutional customer base.”
QCP Capital Co-Founder Darius Sit said, “QCP Capital is pleased to announce that it is the first trading participant on the 24 Exchange. As an institutional trading company, we appreciate partners like 24 Exchange that improve the digital asset trading sector with cutting-edge technology and infrastructure.”
Paul Millward, 24 Exchange’s Head of Product, said, “Working with Cumberland DRW and QCP has allowed us to extend our offerings to include actual crypto trading with reputable counterparties.
We’re excited to provide crypto transactions on our platform with a simple and easy-to-use process for our clients.” In the next months, 24 Exchange plans to launch crypto trading using non-deliverable futures (NDFs) in BTC and ETH.