24X expands crypto prime brokerage deal with Standard Chartered

Bermuda-domiciled over-the-counter (OTC) trading platform 24X said it has expanded its partnership with Standard Chartered to include digital assets prime brokerage. The expansion will allow trading in Bitcoin (BTC) and Ethereum (ETH) on 24X's institutional-grade, multi-asset trading platform. Standard Chartered is a leading international banking group.

24X said the expansion makes it the first trading platform to offer both crypto and foreign exchange (FX) products with Standard Chartered acting as central counterparty. Under that structure, counterparties face only Standard Chartered while they reach OTC liquidity through 24X. 24X runs the execution-only platform and handles liquidity configuration, matching and straight-through processing (STP).

24X is globally recognized as a leading FX non-deliverable forward (NDF) platform, and it also offers FX spot and swaps. The company said it aims to apply that expertise to drive institutional adoption of digital assets.

The prime brokerage business that 24X and Standard Chartered already run gives clients access to FX NDFs, FX spot, FX deliverable swaps, FX non-deliverable swaps and metals. Bitcoin and Ethereum trading will work in a similar way.

The announcement comes shortly after Standard Chartered served as liquidity taker in the first spot cryptocurrency trades on the 24X platform. Cumberland DRW and Wintermute acted as liquidity providers in those trades.

24X CEO and founder Dmitri Galinov said: "Institutional interest in digital assets is rapidly increasing, and this expansion of our partnership with Standard Chartered will enable the 24X platform to continually meet that demand. Our crypto trading infrastructure delivers the deep liquidity, rigorous oversight, and the same seamless workflow global financial institutions have come to expect from 24X. We are proud to deepen our relationship as global markets continue to converge around digital assets."

About 24X

24X Bermuda Holdings LLC is a privately held company with two main operating subsidiaries. 24X Bermuda Limited offers cost-effective exchange of currency exposures, metals and spot cryptocurrency. Its cryptocurrency activity is regulated by the Bermuda Monetary Authority. The firm also offers deliverable swaps, non-deliverable swaps, metals and spot products to institutional customers, in addition to NDFs.

The other subsidiary, 24X National Exchange LLC (24X Equities), is the first national securities exchange approved by the U.S. Securities and Exchange Commission (SEC) to operate 23 hours each weekday. Trading in U.S. equities is available on a 16/5 basis through broker-dealers who are approved members of the exchange.

Since its launch in 2019, the multi-asset offering through a single trading interface has enabled market participants to access increased liquidity at lower cost. The company says its mission is to enable cost-effective trades across a growing range of asset classes around the clock. 24X Bermuda is a registered introducing broker with the U.S. Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA ID #0556980).