1 month ago
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Key Takeaways
- Standard Chartered acted as liquidity taker.
- Cumberland supplied an executable market price.
- Crypto and FX share one infrastructure.
- Trade size and settlement remain undisclosed.
The important part is where the trade happened
Standard Chartered acted as the liquidity taker in the first spot cryptocurrency transaction completed on 24X’s institutional platform. Cumberland DRW took the other side as liquidity provider, according to the official 24X announcement.
The release confirms that Bitcoin was the traded asset, but not whether Standard Chartered bought or sold it. It also leaves unanswered whether the bank traded for itself or for a client, and why it placed the order.
The bank’s trading direction remains unknown, so the venue is the more useful part of the story. 24X places spot crypto and foreign-exchange products on one technology stack, allowing a ban...
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