The government of Bermuda has granted a new subsidiary of 24 Exchange, the OTC platform backed by Fastmatch founder Dmitry Galinov, an official license under their Digital Assets Business Act of 2018 (DABA).
Dubbed ’24 Exchange Broker Limited’, the license issued by the Bermuda Monetary Authority allows the fintech company to begin operating as a digital asset service provider. The offshoot received a “Class T” Digital Asset Business Act license on February 8 and began operating a central reseller function for the crypto market.
Notably, the digital asset license allows 24 Exchange Broker to pioneer crypto trading for its institutional clients, and also allows users to trade digital assets through non-deliverable forwards (NDFs).
Dmitry Galinov, CEO and Founder of 24 Exchange, said: “This BMA license for 24 Exchange Broker Ltd. allows us to bring spot cryptocurrency trading to our institutional-grade platform, making it more available, accessible and standardized. We are pleased to continue to drive institutional adoption of crypto products at the best available rates and with round-the-clock availability. Our company truly appreciates the efficient work of the Government of Bermuda’s Fintech Office and the Bermuda Business Development Agency and their dedication to supporting the growth of the digital asset industry in Bermuda. »
24 Exchange said it has fully integrated its brokerage trading platform with Zero Hash and Fireblocks to enable post-trade and custody solutions. Additionally, its existing partnerships with other crypto service providers allow for greater exchange of assets. For example, the alliance with Cobalt offers a solution for portfolio and counterparty collateralization.
24 Exchange will offer US stocks trading 24/7
24 Exchange had recently completed a new fundraising round of $14.25 million at an undisclosed valuation. The recent capital injection was led by Point72 Ventures, the venture capital firm of hedge fund titan Steven Cohen.
The investment supports the continued expansion of 24 Exchange’s multi-asset trading platform to encompass additional asset classes, including equities and cryptocurrencies.
Operated by 24 Exchange Bermuda Ltd, the brainchild of Dmitri Galinov is a multi-asset class platform that combines both cryptocurrency and FX trading on a single technology. The three-year-old startup also plans to launch a 27/7 exchange in the United States that will allow retail investors to trade with a minimum increase of one thousandth of a share.
It should also be noted that several global banks and hedge funds are now backing the company, including Standard Chartered, which made a strategic investment in 24 Exchange in 2020.
24 Exchange recently filed an application with the United States Securities and Exchange Commission for a license to operate a regulated securities exchange in the United States. Subject to SEC approval, it would become the first national venue where stocks can be traded 24 hours a day, 365 days a year.
The move comes as founder Galinov, a veteran of e-trading forex and stocks, bets that deep-pocketed investors now want to trade stocks and forex on weekends.