Dmitri Galinov’s over-the-counter (OTC) platform, 24 Exchange, announced on Monday that the platform has closed a fresh funding round, raising $7.025 million.
Big names like Morgan Creek Digital, Aspire Financial and Blackwells Capital LLC led the funding round and several other individual investors also participated. The latest funding came after the company raised $14.25 million last August in a Point72 Ventures-led round.
The Bermuda-based company detailed that the fresh proceeds will be utilized to expand its offerings, primarily by adding cryptocurrencies and equities for institutional clients. The platform already gained a crypto trading license in Bermuda.
“This new round of investment will help 24 Exchange extend our institutional trading offerings within and beyond FX and cryptocurrency products,” said Dmitri Galinov, the Founder and CEO of 24 Exchange.
Meeting the Institutional Demand
Established in 2019, 24 Exchange is known for offering FX NDFs. In addition, it launched an anonymous interbank FX Swaps order book with streaming quotes earlier this year. Now, it is expanding its product offerings.
Meanwhile, the demand for NDFs offered by the platform skyrocketed. Last month, the volume of FX NDF trading on the platform surpassed $1.2 billion, which was a major milestone for the company.
“The market's response to our FX NDF offering has been remarkable, as demonstrated by the fact that our customers have now traded more than one billion dollars' worth of these assets in a single day on the 24 Exchange platform,” Galinov added.
“We are of the belief that Dmitri's and Jason's experience, leadership and sense of mission will help 24 Exchange become a notable and leading solutions provider in the institutional cryptocurrency marketplace. We are eagerly looking forward to banks becoming staple participants in the cryptocurrency markets using 24 Exchange's NDF solutions,” said Mark Yusko, the Founder, CEO and Chief Investment Officer of Morgan Creek Capital.
