24 Exchange announced that it completed its first cryptocurrency NDF (non-deliverable forward) trades on its platform involving ED&F Man Capital Markets, XBTO and QCP in February. The company expects additional early crypto NDF trading participants to include Jane Street and others. 24 Exchange, the only global platform to offer both cryptocurrency and FX institutional trading on one platform, is pioneering an institutional market for trading crypto NDF and Spot crypto assets.
Dmitri Galinov, 24 Exchange CEO and Founder, said, “By completing the first-ever crypto electronic NDF trades on our multi-asset platform, 24 Exchange is at the forefront of creating institutional markets for crypto trading. We are excited to offer our customers a reliable, seamless and low-cost platform to facilitate crypto NDF trades on top of our Spot crypto trading offerings, FX NDF trading and FX Spot. We congratulate our partners on being the first crypto NDF traders on our platform and look forward to facilitating many more such trades in the future with institutions who wish to invest in crypto assets.”
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XBTO Director of Strategies Nicolas Genechesi said, “XBTO has a core culture of supporting innovative platforms and products within the digital asset ecosystem. NDFs will be an important gateway product for traditional finance institutions into broader digital asset adoption, and 24X has created a visionary platform to cultivate this emergent market. We’re excited to leverage our infrastructure and market expertise to participate as key liquidity partner, and counterparty in the first cryptocurrency NDF transaction.”
As Coalition Greenwich writes in its recent report on cryptocurrencies, market participants are looking to NDFs as an instrument for cryptocurrency exchange with their 24/7 access and the structure to coincide with traditional financial institutions. The report further asserts that 24 Exchange is pioneering the sought-after exchange of NDFs on its anonymous and credit agnostic platform. In its conclusion, the report states: “We believe that “first movers on the platform-provider end will gain significant advantages, as cryptocurrencies start their evolution from a physical to a financial context.” The report was based on more than 100 interviews with cryptocurrency users and senior trading personnel at large cryptocurrency derivative market makers.
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The support from institutions involved in the first crypto NDF trade on the 24X platform continued with Christopher J. Smith, Global Chief Executive Officer of ED&F Man Capital Markets, who said, “OTC NDF trading in crypto facilitates financial institutions’ ability to gain exposure to digital assets in a familiar derivatives class. We are committed to being at the forefront of innovation for institutional grade trading solutions in the digital asset space and welcome the extensive capabilities of 24 Exchange’s cutting-edge platform.”
Eric Knight of Jane Street crypto trading added, “The ability to trade crypto NDFs has been a sought-after capability as institutional investors look to expand their participation in the crypto ecosystem. 24 Exchange’s platform represents an exciting new solution, and we are pleased to join the increasing number of institutional-grade service providers who are utilizing this robust global platform.”
The platform’s first production of its crypto NDF trades paves the way for customers to harness 24 Exchange’s variety of services to make deals in the digital asset space and helps Tier 1 institutions (banks, non-banks, hedge funds) gain access to this liquidity.
24 Exchange recently submitted to the U.S. Securities and Exchange Commission a final Form 1 application for a license to create a new national exchange that would allow 24/7/365 trading of U.S. securities.
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