24X Bermuda Limited has expanded its relationship with Standard Chartered to introduce bitcoin and ethereum trading through a prime brokerage model that places the bank at the center of transactions on 24X's multi-asset platform.
The arrangement allows counterparties to face Standard Chartered while using over-the-counter cryptocurrency liquidity available through 24X. 24X will operate the execution-only venue, including liquidity configuration, trade matching and straight-through processing, while Standard Chartered acts as central counterparty.
24X said the structure makes it the first trading platform to offer both foreign-exchange and cryptocurrency products with Standard Chartered serving in that role. The firm announced the expansion on Nov. 10 from Hamilton, Bermuda.
For institutional customers seeking to trade larger crypto positions, the model could simplify credit arrangements. Rather than establishing separate bilateral exposure with each liquidity provider, counterparties transact through Standard Chartered's prime brokerage framework while gaining access to pricing assembled on the 24X platform.
Bitcoin and ethereum added to existing fx setup
Bitcoin and ethereum will be offered under the same operating framework already used for the firms' fx and metals products. The existing arrangement covers fx non-deliverable forwards, fx spot, deliverable swaps, non-deliverable swaps and metals, according to 24X.
That gives 24X clients a route to trade major digital assets alongside products commonly used by currency desks. Non-deliverable forwards, or NDFs, are cash-settled currency contracts often used where a currency cannot be freely delivered or traded offshore. Their inclusion has made 24X's business particularly focused on institutional fx workflows rather than retail-style crypto trading.
The addition of BTC and ETH extends that infrastructure into two of the most liquid digital assets, but the announcement does not describe a broader token listing program. The narrow initial scope suggests that the companies are prioritizing assets with established institutional liquidity and familiar risk-management practices.
24X said its platform recently completed initial spot cryptocurrency transactions in which Standard Chartered acted as liquidity taker. Cumberland DRW and Wintermute served as liquidity providers in those trades.
That early activity offers a practical outline of how the new product could operate: specialist digital-asset firms provide prices, 24X organizes execution and processing, and Standard Chartered sits between the trading counterparties within the prime brokerage setup. The approach connects crypto market makers with an established banking counterparty without requiring the platform itself to take principal risk.
A bank-centered route into otc crypto liquidity
Prime brokerage has long been a central feature of institutional fx and derivatives markets, allowing clients to access multiple liquidity sources under a single credit relationship. Applying a similar structure to crypto addresses a persistent operational divide in digital-asset markets, where liquidity can be fragmented across venues and participants often manage separate exposure limits with multiple counterparties.
The setup may be most relevant for institutions that already trade currencies and want digital-asset execution to fit into existing treasury, compliance and post-trade systems. Straight-through processing, or STP, refers to the automated movement of trade data from execution through confirmation and settlement workflows, reducing manual handling between those stages.
24X's execution-only role also separates the platform's market-technology function from the bank's counterparty role. The company configures available liquidity and matches orders but does not describe itself as a market maker or principal in the transactions.
Standard Chartered has been building digital-asset services for institutional clients, and its involvement gives 24X a bank-based route for the product rather than a structure centered solely on a crypto-native venue. For liquidity providers such as Cumberland DRW and Wintermute, the arrangement could create access to institutional flow through a standardized counterparty framework.
Bermuda-regulated crypto activity
Cryptocurrency business conducted through 24X Bermuda Limited is regulated by the Bermuda Monetary Authority, 24X said. The company said it has offered institutional customers deliverable swaps, non-deliverable swaps, metals and spot products in addition to NDFs since launching in 2019.
The company operates through 24X Bermuda Limited and 24X National Exchange LLC. Its Bermuda subsidiary is registered as an introducing broker with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association, under NFA ID No. 0556980.
24X National Exchange runs a separate U.S. equities business. The company describes the exchange as the first national securities exchange approved by the U.S. Securities and Exchange Commission to operate for 23 hours on each weekday. Through approved broker-dealer members, it offers U.S. equity trading on a 16/5 basis.
Those equity-market hours are separate from the Bermuda crypto and fx offering, yet they reflect 24X's effort to build trading infrastructure around longer operating windows than traditional market schedules. The company's structure now spans U.S. equities, institutional fx products, metals and, through the Standard Chartered expansion, spot trading in bitcoin and ethereum.
The immediate change is a more integrated institutional route for two digital assets within 24X's existing otc and fx-oriented environment. Its performance will depend on whether the bank-centered model attracts sufficient client demand and liquidity-provider participation to deliver competitive pricing for the large trades it is designed to handle.
Institutional traders exploring FX and crypto together should also learn about tokenized equities for multi-asset diversification.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
