24X Solidifies Institutional Crypto Spot Trading with Standard Chartered and Wintermute

24X Bermuda Limited has completed its second consecutive spot cryptocurrency trade, executing a Bitcoin transaction with Standard Chartered and Wintermute. The move signals a growing convergence between traditional foreign exchange infrastructure and digital asset markets, providing institutional investors with a regulated, unified platform to manage multiple asset classes through a single technology stack.

What was announced

24X Bermuda Limited (24X) confirmed the successful execution of its second spot cryptocurrency trade on its institutional-grade, multi-asset platform. The transaction was executed in Bitcoin (BTC) and featured Standard Chartered, a global systemically important bank (G-SIB), acting as the liquidity taker. Wintermute, a specialist digital asset firm, served as the liquidity provider for the trade.

This transaction follows an inaugural spot crypto trade where Cumberland DRW acted as the liquidity provider. By completing these consecutive trades, 24X aims to demonstrate the viability of its unified technology infrastructure, which allows institutional clients to trade both crypto spot and foreign exchange (FX) on a single venue. The platform’s broader offering includes Deliverable Swaps, Non-Deliverable Swaps (NDFs), Metals, and Spot products.

Since its inception in 2019, 24X has focused on providing a single trading interface to reduce costs and increase liquidity access for institutional participants. Its cryptocurrency operations are regulated by the Bermuda Monetary Authority. The announcement highlights a trend of established financial institutions integrating with specialist liquidity providers to facilitate the institutional adoption of digital assets. The trade with Wintermute specifically highlights the platform's ability to handle deep liquidity and rigorous oversight within a seamless workflow for institutional-grade digital asset infrastructure.

The companies involved

Standard Chartered is a leading international banking group and a global systemically important bank (G-SIB). With a significant presence in global markets, the firm has increasingly focused on digital asset infrastructure and blockchain-based revenue models. FF News has tracked the bank’s extensive activity in the fintech space through over 140 reports, covering its initiatives in wealth management, digital securities custody, and regional cryptocurrency solutions.

24X Bermuda Limited, founded in 2019, operates a multi-asset trading platform designed specifically for institutional customers. The company provides access to a variety of asset classes, including FX and digital assets, through a single interface. Its focus on low-cost liquidity and unified infrastructure has positioned it as a specialized player in the institutional trading space, operating under the regulation of the Bermuda Monetary Authority.

Wintermute is a digital asset liquidity provider and algorithmic trading firm. Founded to bring traditional market-making efficiency to the crypto sector, the company has expanded its reach to serve a broad range of counterparties, including traditional financial institutions. Wintermute’s role in this transaction underscores its position as a bridge between decentralized markets and established banking groups, leveraging long-term investments in technology and operational efficiency.

What FF News has reported before

FF News has extensively covered Standard Chartered’s expansion into the digital asset ecosystem. Recently, the publication reported on how WisdomTree and Standard Chartered Shift Crypto Focus to Blockchain Revenue Models, highlighting a pivot toward sustainable on-chain economics. In the wealth management sector, the bank has been active with the Standard Chartered and BNY Launch Tenth VCC Sub-Fund for High-Net-Worth Wealth Management.

Furthermore, the bank’s regional strategies were highlighted when Standard Chartered Launches First-of-its-Kind Crypto Trading for Wealth Clients in UAE. The bank’s broader ecosystem also includes Zodia Custody, which recently saw Zodia Custody Secures ADGM Approval to Launch Digital Securities Custody in Abu Dhabi.

What this means

This announcement moves the needle by demonstrating that the "institutionalization" of crypto is shifting from theoretical interest to operational reality on unified platforms. For the industry, the pressure is mounting on traditional FX venues that have been slow to integrate digital assets. If G-SIBs like Standard Chartered can seamlessly execute crypto trades alongside traditional FX on the same infrastructure, it raises questions about the long-term viability of siloed crypto-only exchanges. The market is clearly moving toward a model where asset class distinctions matter less than the quality of the regulatory oversight and the efficiency of the technology stack.