The Bermuda-based asset trading platform 24 Exchange has acquired 11B Technologies due to its crypto offering.
The two companies have been working together for some time. 11B provided a range of services for the 24 Exchange platform, mainly aimed at the FX Spot and FX Swaps aspects. The acquisition will transfer the staff of 11B over to 24 Exchange as well as the already developed IP and software.
This means that 24 Exchange will be able to integrate everything that 11B Technologies has to offer into its existing platform. While it had already been using some software in its platform, there are other areas that 11B covers that weren’t being used.
These software options are mainly aimed at Crypto NDFs and Crypto Spot. As this is an area of the business that 24 Exchange is looking to enhance, it makes sense that these software solutions are the first to be added to the 24 Exchange platform. It will also add low latency software to the 24 Exchange platform, which is vital to carry out asset trades at a fast pace.
The founder and CEO of 24 Exchange, Dmitri Galinov, commented:
24 Exchange intends to aggressively expand into additional products such as Crypto physical and Crypto NDFs. Our acquisition of 11B provides the ideal technological platform for that expansion.
24 Exchange has absorbed the 11B Technologies business into its existing operation, meaning there will be very little job losses. As 24 Exchange is located in Bermuda and 11B Technologies is located in New York, it is unlikely that there will be office closures. Although neither company has clarified this position at the moment, this could happen in the future.
Earlier this year, 24 Exchange appointed Julie Ros as Marketing & Business Development Consultant to lead the branding and business development efforts.
