After recently obtaining a cryptocurrency trading license, 24 Exchange, a Bermuda-based electronic trading venue, has announced the acquisition of 11B Technologies, a New York-based technology and services provider.
11B Technologies was founded last year by former FXCM co-founder Eduard Yusupov (pictured right). The company has been providing low-latency software and connectivity solutions for FX Swap and FX Spot's 24 Exchange. The 11B acquisition includes the company's IP and software. In addition, the 11B software development and business support team and its president will join his 24 Exchange.
24 Exchange CEO and Founder Dmitri Galinov said:
“24 Exchange plans to aggressively expand into additional products such as Crypto Physical and Crypto NDF. Our acquisition of 11B provides the ideal technology platform for that expansion. We've been working with the talented 11B team for a long time, developing incredibly low-latency, robust, and highly scalable software across clients and asset classes, and we're thrilled to welcome them to the 24 Exchange team. I am very happy to have been able to do so.”
Eduard Yusupov, president and founding partner of 11B Technologies, said:
“I am excited to join 24 Exchange. This team has the unique vision, drive and expertise needed to seize market opportunities and compete with incumbent service providers on a global scale. The acquisition provides significant value and synergies for 24 Exchange shareholders. The combination will provide new technology to 24 Exchange customers and help expand their market reach and service capabilities.”
Among its services, 11B offers order, execution, and risk management systems for FX Spot, FX Swap, FX NDF, Crypto Spot, and Crypto NDF. It also provides matching engine, CRM, and back office connectivity via FIX API, GUI, and mobile interface. 11B Technology provides post-trade and third-party system integration with matching engines located at Equinix data centers in London and New York (LD4 and NY4).
24 Exchange is a multi-asset class trading platform that allows market participants to exchange exposures at the lowest possible cost. The company's mission is to enable its members to initiate the most cost-effective trades across a wide range of asset classes, 24 hours a day. 24 Exchange reduces the cost of exchanging assets in global markets while providing creative and unique workflows tailored to each asset class. 24 Exchange Bermuda Limited is regulated by the Bermuda Monetary Authority for the purpose of conducting digital asset business pursuant to the Digital Asset Business Act.
