The Bermuda Monetary Authority (BMA) has granted 24 Exchange, Dmitri Galinov’s over-the-counter (OTC) platform, a “Class T” Digital Asset Business license, allowing it to offer bitcoin trading services to institutions.
The license, which was announced on Tuesday, was granted under the Bermuda Digital Asset Business Act 2018, and it is the first of its kind for any organization.
Premier of Bermuda, David Burt, said, “This is the first license of its kind to be awarded in Bermuda, and we look forward to seeing these innovative digital pioneers blazing new trails in our jurisdiction.”
The 24 Exchange was founded in 2019 with the goal of expanding services for institutions.
The platform is recognized for its FX NDFs and, earlier this year, it debuted an anonymous interbank FX Swaps order book with streaming quotations.
The company is considering offering physical bitcoin trading to its institutional clients later this summer, according to the freshly obtained license. It will also make crypto trading with Bitcoin and Ethereum NDFs easier.
The 24 Exchange platform is already well-liked by financial institutions. More than 45 significant institutional clients have been onboarded, according to the business. The company bolstered its team with a few key recruits as demand for its products grew.
24 Exchange claims that its bitcoin trading services will have a matching engine performance of 75 microseconds round trip time. It went on to say that its matching technology is housed in New York (NY4) and London data centers (LD4).
In a statement, Galinov stated, “This BMA license enables us to dependably deliver low-cost institutional-grade technology to clients who seek to trade bitcoin products.”
“In the future, we plan to expand the trading capabilities of our platform to include all of the other assets on our exchange – all at the best possible rates. The unique NDF solution from 24 Exchange will make institutional adoption of crypto products much easier around the world.”