24 Exchange has announced the completion of a $14.25 million funding round to enable the over-the-counter (OTC) trading platform to expand its operations. According to the firm, the latest investment will be used to expand its robust multi-asset trading platform that will offer additional assets for trading. The funding round was headed by Pont72, a US-based venture capital firm.
24 Exchange provider 24/7 service for crypto and stock trading
Partner at Point72 Ventures, Pete Casella, commented on the funding round, stating that 24-hour stock trading is a massive opportunity that will appeal to retail investors who are looking to trade after work hours. 24 Exchange is specifically targeting this market to enable traders to have flexibility regarding their trading time.
The new trading platform is bringing a unique approach to trading, allowing all types of investors to trade on the platform at their most convenient time. Pete said the platform wants to make the stock trading market look like the cryptocurrency trading market where trades are possible at any time of the day.
Traditionally, stock trading in the US is open from 9:30 am to 4:00 PM ET from Monday to Friday. However, trading for cryptocurrencies never closes, and the majority of the largest movements happen over the weekends.
24 Exchange says one of its objectives is to provide a similar platform that will allow users to trade at any time of the day, including at the night and during weekends.
24 Exchange currently offers crypto and foreign exchange trading. The company was established in 2018 and hopes to enable investors to easily buy and sell currencies in the US.
24 Exchange Seeks To Operate National Securities Exchange
Founder and Chief Executive Officer of the company, Dmitri Galinov, commented on the development. He stated that the firm has successfully delivered an OTC FX trading solution to clients that provide improved functionality and reduced costs.
With the additional investment, the firm will be working to expand its offerings beyond FX Spot, FX Swaps, and FX Non-Deliverable Forward (NFD) trading.
24 Exchange has made several moves to expand its operations in the US. Last month, it was reported that 24 Exchange has submitted an application to the US SEC for approval to operate a national securities exchange. The firm also recently acquired New York-based 11B technologies for an undisclosed fee.