24 Exchange Posted Record FX NDF Trade Volume for October 2022

24 Exchange, a newcomer having been in the market for only 3 years, reported in October 2022 a record daily forex non-deliverable forwards (NDFs) trade volume of $1.476 billion for October 21.

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Additionally, the platform's weekly average daily FX NDF trade volume between October 17-21, 2022 also reached a record of $1.175 billion.

"The recent growth of our NDF platform is a testament to our unwavering attention to providing our clients with the best possible trading experience and platform," Jason Woerz, President of 24 Exchange, said.

The company, which completed in February the first cryptocurrency NDF (non-deliverable forward) trades on its platform​, expects to see continued growth not only in its FX NDF trading volumes but also in other asset classes as well, according to its press statement.

Last May, 24 Exchange saw a 13.5% MoM drop in its NDF volume. Then in October last year, it reported a monthly average daily volume of $514 million, which are the highest as of the time of the report.

Following the growth, 24 Exchange raised a total of $21.25 million in two funding rounds completed respectively in December 2021​ and March 2022​. The capital was, as the company said, utilised to expand its asset classes to include equities and cryptocurrencies.