24X Bermuda Limited has completed its first spot cryptocurrency trade in Bitcoin, marking a new milestone in the company’s expansion into institutional digital asset trading.
The inaugural BTC transaction was executed on 24X’s institutional-grade, multi-asset platform as part of its existing strategic partnership with Standard Chartered.
For the trade, Standard Chartered acted as the liquidity taker, while Cumberland DRW served as the liquidity provider.
The transaction positions 24X among a relatively small group of global trading venues offering both spot cryptocurrency and foreign exchange trading through a single technology infrastructure.
24X said the launch of spot cryptocurrency trading reflects rising demand from institutional investors seeking secure and professionally managed access to digital assets.
Dmitri Galinov, CEO and Founder of 24X, said the first crypto transaction demonstrates that the company’s infrastructure is ready to support growing institutional demand.
He highlighted liquidity, oversight and seamless trading workflows as key elements of the company’s crypto offering, adding that 24X plans to expand its spot digital asset services as traditional and digital financial markets continue to converge.
Standard Chartered also pointed to the increasing role of regulated financial institutions in digital asset markets.
John Newman, the bank’s Global Head of Rates & FX Trading and Head of Markets UK & Europe, said institutional demand for digital assets continues to increase as regulatory frameworks mature.
According to Newman, the transaction demonstrates how regulated banking institutions can help connect traditional financial markets with the developing digital asset ecosystem.
Cumberland DRW acted as the liquidity provider for the transaction.
Chris Zuehlke, Global Co-Head at Cumberland DRW, said the company remains focused on providing institutional clients with reliable liquidity and high-quality execution as adoption of digital assets continues to accelerate.
Cumberland has been active in institutional cryptocurrency markets for more than a decade and operates with the backing of DRW’s broader experience in global financial markets and risk management.
24X Bermuda Limited’s cryptocurrency activities are regulated by the Bermuda Monetary Authority.
Alongside cryptocurrencies, the company offers institutional customers access to products including Deliverable Swaps, Non-Deliverable Swaps, metals, spot products and NDFs.
Since launching in 2019, 24X has focused on providing access to multiple asset classes through a single trading interface, with the aim of improving liquidity access and reducing trading costs.
The wider 24 Exchange group also operates 24X National Exchange LLC, which has been approved by the U.S. Securities and Exchange Commission to operate a national securities exchange for up to 23 hours each weekday.
The successful Bitcoin transaction represents another step in 24X’s strategy to extend its institutional trading infrastructure across both traditional and digital asset markets.
