24X Completes First Spot Crypto Trade in Bitcoin
24X Bermuda Limited has made history by completing its first spot cryptocurrency trade on its institutional-grade, multi-asset trading platform. The landmark transaction was executed in Bitcoin (BTC) and marks a significant milestone in the development of regulated, institutional-grade infrastructure for digital asset markets.
The crypto spot trade was facilitated through 24X's strategic partnership with Standard Chartered, one of the world's global systemically important banks (G-SIBs). Standard Chartered served as the liquidity taker and Cumberland DRW acted as the liquidity provider for this trade. This successful transaction demonstrates how established financial institutions and specialist liquidity providers are helping accelerate the adoption of digital assets by institutional investors.
According to 24X CEO and Founder Dmitri Galinov, 'Institutional demand for digital assets has never been stronger, and today's milestone crypto trade demonstrates that the 24X platform is ready for it.' He added that the company is proud to have Standard Chartered and Cumberland DRW as the counterparties for this landmark transaction.
John Newman, Standard Chartered's Global Head of Rates & FX Trading and Head of Markets UK & Europe, stated that 'Institutional demand for digital assets continues to grow as the market evolves and regulatory frameworks mature.' He emphasized that Standard Chartered is committed to providing clients with secure, regulated, and institutional-grade access to digital asset markets.
Cumberland DRW's Global Co-Head Chris Zuehlke said, 'We are proud to have served as liquidity provider to Standard Chartered for this milestone Bitcoin trade on 24X.' He highlighted that Cumberland has helped build institutional digital asset markets by providing deep, reliable liquidity backed by DRW's expertise.