24 Exchange Crosses $1B Mark in Forex NDFs ADV in January

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24 Exchange Crosses $1B Mark in Forex NDFs ADV in January

<p>The average daily volume (ADV) of forex non-deliverable forwards (NDFs)
traded on 24 Exchange hit over $1 billion in January 2023, Dmitri
Galinov, the Chief Executive Officer of the Bermuda-based <a href="https://www.financemagnates.com/terms/m/multi-asset/" class="terms__main-term" id="ffc57e87-e0f9-4ad1-849f-68bc7998a5c0" target="_blank">multi-asset</a> trading platform
disclosed on Thursday.</p><p>
24 Exchange hit a new milestone three months after the trading platform,
which was launched in 2019, reported <a href="https://www.financemagnates.com/forex/24-exchange-sees-record-forex-ndfs-trade-volumes-in-october/" target="_blank" rel="follow">daily and weekly records</a> in its forex NDFs. In
October, the volume of daily forex NDFs traded on 24 Exchange reached a record
$1.476 billion on the 21st day of the month. Additionally, the platform posted a record
weekly FX NDF trade volume of $1.175 billion between October 17-21, 2022.</p><p>Furthermore, the industry starter disclosed that the average weekly FX NDFs
trading volume on its platform surpassed $1 billion during three of the last
six weeks in that period. However, January 2023 produced a newer record, displacing the old. Jason Woerz, the President of 24 Exchange, previously noted that the
trading platform has been deepening its relationship with a growing network of
forex, cryptocurrency and NDF stakeholders and platforms.</p><p>Watch the recent FMLS22 session on trends that will define the forex and crypto industry this year.</p><p>24 Exchange Sets Eyes on Growth</p><p>Over the last few months, 24 Exchange has been taking steps to establish its
presence in the industry. In March last year, the startup <a href="https://www.financemagnates.com/institutional-forex/24-exchange-secures-7-million-eyes-to-expand-offerings/" target="_blank" rel="follow">secured $7 million</a> to
expand its offering including onboarding cryptocurrency and equity products for institutional investors. The capital served as an addition to <a href="https://www.financemagnates.com/institutional-forex/24-exchange-raises-14-million-in-funding-round-led-by-point72-ventures/" target="_blank" rel="follow">the $14 million it had raised</a> in an earlier round
led by Point72 Ventures. </p><p>Already, 24 Exchange has recorded significant progress in its journey towards cryptocurrency. Days after raising new capital in March, the trading platform
provider <a href="https://www.financemagnates.com/cryptocurrency/exchange/24-exchange-finalizes-first-crypto-ndf-trades/" target="_blank" rel="follow">finalized its first crypto NDF trades</a> in a milestone event
that enjoyed the participation of ED&F Man Capital Markets, XBTO and QCP. On top of this, in February, the company <a href="https://www.financemagnates.com/cryptocurrency/24-exchange-obtains-license-to-start-trading-in-crypto-spot-in-bermuda/" target="_blank" rel="follow">secured the license</a> to kick off its
cryptocurrency spot trading activities in Bermuda. </p><p>Meanwhile, in 2021, 24 Exchange <a href="https://www.financemagnates.com/institutional-forex/24-exchange-expands-offering-with-fx-swaps/" target="_blank" rel="follow">expanded into interbank forex swaps</a> and launched its
first trade with Standard Chartered Bank, its central counterparty
partner.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: 24 Exchange Crosses $1B Mark in Forex NDFs ADV in January