24 Exchange is now allowed to operate in Bermuda by offering crypto trading services to clients. This is the first license of its kind issued in Bermuda.
July 21, 2021, | AtoZ Markets – 24 Exchange, a multi-asset class, 24-hour trading platform, has received a "Class T" license from the Bermuda Monetary Authority (BMA), which entitles it to offer cryptocurrency trading services on its institutional-grade platform. The license was granted under the Bermuda Digital Assets Act 2018.
With the BMA 24 license, Exchange expects to launch physical cryptocurrency trading for institutional clients as early as late summer. Shortly thereafter, it will be possible to crypto-trade non-deliverable forwards (NDF) on BTC and ETH. 24 Exchange was one of the first to offer NDF trading for cryptocurrencies and established standardized cryptocurrency NDF contracts.
Dmitry Galinov, CEO and Founder of 24 Exchange, said:
“The BMA license allows us to offer institutional-grade technology to clients who want to trade cryptocurrency products. We intend to expand the trading functionality of our platform by adding other assets at the best rates. Non-deliverable forwards from 24 Exchange will accelerate the spread of cryptocurrencies in the institutional segment. The collaboration with Prime Minister Burt, the Bermuda Government's Financial Technology Authority and the Bermuda Business Development Agency has been very productive given their interest and encouragement of digital asset business in Bermuda. "
Bermuda Prime Minister David Burt added: "I want to congratulate 24 Exchange on successfully obtaining a Class T cryptocurrency license. This is the first license of its kind issued in Bermuda."
About 24 Exchange
The 24 Exchange platform is one of the fastest and most reliable in the financial technology industry. The trade matching engine used here provides a record execution speed of 75 milliseconds. Dissemination of data and consistency of execution are key factors in attracting financial institutions to the 24 Exchange platform. To date, the 24 Exchange platform has accepted over 45 large institutional clients, including most of the 20 largest Euromoney banks.
The company's manufacturing facilities are located in New York (NY4 data center) and London (LD4 data center) and can be easily deployed anywhere in the world.
With the BMA 24 Exchange license, the platform will expand its range of services to include NDF trading, spot currency swaps, and market access and monitoring services.
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