24X Completes First Spot Crypto Trade in Bitcoin

24X, a Bermuda-based financial institution, has completed its first spot cryptocurrency trade in Bitcoin (BTC) on its institutional-grade platform. This milestone transaction demonstrates the company's ability to provide seamless and cost-effective exchange of currency exposures.

The spot crypto trade was executed with Standard Chartered as the liquidity taker and Cumberland DRW as the liquidity provider. Dmitri Galinov, CEO and Founder of 24X, stated that 'institutional demand for digital assets has never been stronger.' He emphasized that 24X's platform delivers deep liquidity, rigorous oversight, and seamless workflow, making it an attractive option for institutional investors.

Standard Chartered's Global Head of Rates & FX Trading and Head of Markets UK & Europe, John Newman, expressed the company's commitment to providing clients with secure, regulated, and institutional-grade access to digital asset markets. Cumberland DRW's Global Co-Head, Chris Zuehlke, noted that the company is proud to have served as liquidity provider for this milestone Bitcoin trade on 24X.

The transaction marks a significant milestone in the development of regulated, institutional-grade infrastructure for digital asset markets. 24X's platform offers a range of products, including Deliverable Swaps, Non-Deliverable Swaps, Metals, and Spot products, making it an attractive option for institutional customers.