24 Exchange Raises $14 Million to Expand Trading Platform

Fazzaco learned that 24 Exchange, a multi-asset class trading platform, has raised a $14.25 million funding round led by Point72 Ventures.

According to the official press release,  the company will utilise the new capital to continue expanding its robust multi-asset trading platform to encompass additional asset classes, including equities and cryptocurrencies. This expansion is expected to bring new trading options to 24 Exchange's growing base of institutional market clients.

"In the company's first 24 months, we've successfully delivered an over-the-counter FX trading solution to clients that offers significantly reduced costs and improved functionality. We look forward to putting this additional operating capital to work to further expand our offerings beyond FX Non-Deliverable Forward (NDF) trading, FX Swaps, FX Spot, and our most recent addition, cryptocurrency trading," stated Dmitri Galinov, CEO and Founder of 24 Exchange.

Pete Casella, Partner at Point72 Ventures, added, "We believe that widespread institutional adoption of crypto will require building bridges that enable traditional financial firms to access crypto in a way that looks and feels like how they operate in other tradable assets, such as FX or derivatives. 24 Exchange is doing just that by introducing innovations like the crypto non-deliverable forward contract, which allows institutions to gain exposure to this new asset class without taking on the risk, capital requirements, and regulatory uncertainty associated with carrying the underlying asset on their balance sheet."

As Fazzaco reported earlier, 24 Exchange has selected FairXchange​, a financial data science firm registered in the UK, for independent execution analytics.