24 Exchange Sees Record Forex NDF Trade Volumes in October

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24 Exchange Sees Record Forex NDF Trade Volumes in October

<p class="MsoNormal text-align-justify">24 Exchange, a Bermuda-based multi-asset trading
platform launched in 2019, has seen record daily and weekly records in forex
non-deliverable forwards (NDFs) in October 2022.</p><p class="MsoNormal">The platform posted a record daily forex NDF trade
volume of $1.476 billion on October 21 and a record weekly FX NDF trade volume
of $1.175 billion between October 17-21, 2022, the company disclosed on Friday.</p><p class="MsoNormal">"During three of the last six weeks, average
weekly FX NDF trading volume on the 24 Exchange platform surpassed $1 billion,"
24 Exchange added.</p><p class="MsoNormal">The company described these volumes as further
proof of its growth and the market's embrace of its product
offerings.</p><p class="MsoNormal">"The recent growth of our NDF platform is a
testament to our unwavering attention to providing our clients with the best
possible trading experience and platform," Jason Woerz, the President of 24
Exchange, said.</p><p class="MsoNormal">24 Exchange in a press statement said it
expects to see continued growth not only in its FX NDF trading volumes but also
in other asset classes as well. </p><p class="MsoNormal">The company, which was established by Dmitri
Galinov, the founder of Fastmatch, said it was fostering relationships with a
growing network of forex, cryptocurrency and NDF stakeholders and platforms.</p><p class="MsoNormal">In this same period last year, the company
reported a monthly average daily volume of $514 million, which is <a href="https://www.financemagnates.com/institutional-forex/24-exchange-posts-record-fx-ndf-adv-for-october/">its highest</a> at the time.</p><p class="MsoNormal text-align-justify">Growth Moves</p><p class="MsoNormal">As a relatively new multi-asset trading
platform, 24 Exchange has been making further moves in this year to expand its service
offering and establish its footprint in the industry.</p><p class="MsoNormal">In March, the company <a href="https://www.financemagnates.com/institutional-forex/24-exchange-secures-7-million-eyes-to-expand-offerings/">raised $7.025
million</a> from a fresh funding
round, adding to <a href="https://www.financemagnates.com/institutional-forex/24-exchange-raises-14-million-in-funding-round-led-by-point72-ventures/">the $14.25
million it raised</a> late last year in a
round led by Point72 Ventures.</p><p class="MsoNormal">The new round was led by Creek Digital, Aspire
Financial, and Blackwells Capital LLC and saw participation from individual
investors.</p><p class="MsoNormal">Galinov noted that the fund will help the
company extend its institutional trading offerings beyond forex and
cryptocurrency products.</p><p class="MsoNormal">Meanwhile, earlier in the year, 24 Exchange <a href="https://www.financemagnates.com/cryptocurrency/exchange/24-exchange-finalizes-first-crypto-ndf-trades/">completed its
first</a> cryptocurrency NDF
trade on its platform. The trades involved ED&F Man Capital
Markets, XBTO and QCP, the company disclosed.</p><p class="MsoNormal">In February, 24 Exchange's subsidiary, 24
Exchange Broker Limited, <a href="https://www.financemagnates.com/cryptocurrency/24-exchange-obtains-license-to-start-trading-in-crypto-spot-in-bermuda/">obtained a
license</a> from the Bermuda
Monetary Authority to operate as a digital asset service vendor.</p><p class="MsoNormal">With the license, the subsidiary started
operating as a central dealer for the crypto spot market in the country.</p>

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

Source: 24 Exchange Sees Record Forex NDF Trade Volumes in October