24 Exchange Bermuda Ltd announced today that the company has acquired the US-based technology and service provider 11B Technologies. The multi-asset class trading platform is planning to use the technological platform of 11B for expansion in the global cryptocurrency market.
According to an official press release, the recent acquisition of 11B includes the company’s IP and software. 24 Exchange added that the business support team of 11B, the company’s software development team, and its president will join 24 Exchange.
The latest announcement came nearly one week after the company secured a ‘Class T’ Digital Asset Business license from the Bermuda Monetary Authority (BMA).
Commenting on the recent acquisition, Dmitri Galinov, CEO and Founder of 24 Exchange, said: “24 Exchange intends to aggressively expand into additional products, such as Crypto physical and Crypto NDFs. Our acquisition of 11B provides the ideal technological platform for that expansion. 11B has developed incredible low latency, robust and very scalable software across a range of clients and asset classes. We have been working with the talented 11B team for a long time and are very happy to welcome them into the 24 Exchange team.”
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The recently acquired 11B Technologies has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot.
The US-based technology platform offers various services including order, execution and risk management systems for FX Spot, FX Swaps, FX NDFs, Crypto Spot and Crypto NDFs. In addition, the company offers the matching engine, CRM and back-office connectivity through FIX API, GUI and mobile interfaces.
“We are excited to join 24 Exchange. This team has a unique vision, drive and the expertise needed to seize market opportunities and compete with existing service providers on a global scale. This acquisition creates substantial value and synergy for the shareholders of 24 Exchange. This combination will bring new technology offerings to 24 Exchange customers and help expand market reach and service capabilities,” Eduard Yusupov, President and Founding Partner of 11B Technologies, commented.