24X Bermuda Limited has completed a second consecutive spot Bitcoin trade on its institutional multi-asset platform, with Standard Chartered acting as liquidity taker and Wintermute supplying the Bitcoin liquidity, according to the company. The transaction extends 24X’s effort to put spot crypto trading alongside foreign exchange, metals and derivatives on a single technology stack built for institutional customers.
The trade followed an earlier Bitcoin spot transaction on the same platform in which Cumberland DRW acted as the liquidity provider. By bringing two established digital-asset market makers into separate trades, 24X is testing a model in which banks and other institutions can access crypto liquidity through infrastructure also used for more conventional asset classes.
Standard Chartered’s role as liquidity taker means it took executable prices from Wintermute rather than making markets itself in the reported transaction. Wintermute, an algorithmic trading firm active in both digital assets and traditional markets, said it provides liquidity across more than 70 centralized and decentralized venues and handles more than $3.5 trillion in annual trading volume.
The arrangement places a regulated bank, a crypto-native liquidity provider and a multi-asset venue within the same trading workflow. That structure could reduce the operational separation that has often existed between institutional foreign-exchange systems and cryptocurrency execution, where firms have commonly used distinct venues, custody arrangements and risk processes.
A multi-asset route to spot Bitcoin
24X Bermuda said its platform supports spot cryptocurrency trading through the same setup used for FX activity. Its institutional offering also includes Deliverable Swaps, Non-Deliverable Swaps, metals and spot products, alongside non-deliverable forwards, or NDFs.
NDFs are cash-settled currency derivatives commonly used for currencies with trading or settlement restrictions. Their presence alongside spot crypto illustrates the type of client base 24X is pursuing: institutions that already manage multiple asset classes and need systems capable of handling different market conventions.
For those firms, the appeal is less about adding another retail-style route to Bitcoin and more about consolidating execution technology. A shared interface could allow trading desks to apply familiar controls around permissions, price requests, trade records and counterparty access while adding digital assets to existing workflows.
The company said its Bermuda operation is regulated by the Bermuda Monetary Authority. Bermuda has developed a digital-asset regulatory framework that licenses certain businesses conducting digital-asset activities, making the jurisdiction a frequent base for firms seeking formal oversight of crypto-related services.
24X did not present the two trades as the start of a public exchange-style Bitcoin order book. Instead, the transactions appear to be institutional liquidity events conducted through counterparties connected to its platform. That distinction matters because market-making arrangements generally focus on negotiated or streamed institutional pricing, rather than the visible depth and anonymous matching associated with a retail-facing crypto exchange.
Bank participation meets specialist liquidity
The Standard Chartered trade also reflects the increasingly practical role banks are taking in digital-asset market infrastructure. Rather than requiring a bank to build every component of crypto execution internally, the model allows a specialist firm such as Wintermute to provide prices and risk capacity while the bank accesses liquidity through a regulated platform.
Wintermute has become one of the larger market makers serving crypto venues and over-the-counter trading desks. Liquidity providers perform a central function in markets that can fragment across multiple exchanges, block-trading desks and decentralized protocols: they stand ready to buy or sell an asset at quoted prices, allowing clients to execute without first finding a natural counterparty.
That role can be particularly relevant for institutional Bitcoin transactions, where trade size, settlement arrangements and market impact often shape the execution process. A bank entering as a liquidity taker can seek prices from a specialist market maker without assuming the same inventory-management role itself.
The participation of Cumberland DRW in the first trade and Wintermute in the second also gives 24X two separate examples of crypto-native liquidity providers interacting with its infrastructure. Both firms are known for institutional digital-asset trading, though the transactions described by 24X do not establish trading volumes, pricing details or a timetable for wider availability.
24X links Bermuda operations with a U.S. equities venue
24X launched in 2019 and operates under 24X Bermuda Holdings LLC, according to the company. The group’s two principal subsidiaries are 24X Bermuda Limited and 24X National Exchange LLC.
24X National Exchange LLC received approval from the U.S. Securities and Exchange Commission to operate a national securities exchange for 23 hours on weekdays, the company said. The equities venue is intended to enable retail and institutional clients globally to trade U.S. shares through broker-dealers that have been approved as exchange members.
The group’s split structure separates its Bermuda-based multi-asset and digital-asset activity from its U.S. securities-exchange operation. While the businesses operate under the same parent organization, the regulatory rules governing spot cryptocurrency activity in Bermuda differ from those applied to a U.S. national securities exchange trading equities.
For 24X, the second Bitcoin transaction offers a concrete demonstration of how that multi-asset strategy could work in practice. The company is positioning spot crypto as an additional institutional market connected to the technology and operating framework used for currencies and other products, rather than as a standalone consumer trading service.
Whether more banks use that route will depend on their internal risk policies, regulatory obligations and demand from institutional clients. The reported Standard Chartered transaction shows that the model can connect a global bank with a specialist crypto liquidity provider inside a regulated Bermuda platform, giving 24X an early operational example for its proposed multi-asset market structure.
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