24 Exchange acquires Eduard Yusupov’s FX/crypto tech co 11B Technologies
After recently receiving its crypto trading license, Bermuda domiciled electronic trading venue 24 Exchange has announced the acquisition of New York-based technology and service provider 11B Technologies.
11B Technologies was established last year by former FXCM co-founder Eduard Yusupov (pictured at right). The company has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot. The acquisition of 11B includes the company’s IP and software. In addition, the 11B software development and business support team and its president will join 24 Exchange.
Dmitri Galinov, 24 Exchange CEO and Founder, said,
“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. 11B has developed incredible low latency, robust and very scalable software across a range of clients and asset classes. We have been working with the talented 11B team for a long time, and are very happy to welcome them into the 24 Exchange team.”
Eduard Yusupov, President and Founding Partner of 11B Technologies, said,
“We are excited to join 24 Exchange. This team has a unique vision, drive and the expertise needed to seize market opportunities and compete with existing service providers on a global scale. This acquisition creates substantial value and synergy for the shareholders of 24 Exchange. This combination will bring new technology offerings to 24 Exchange customers and help expand market reach and service capabilities.”
Among its services, 11B provides order, execution and risk management systems for FX Spot, FX Swaps, FX NDF, Crypto Spot and Crypto NDFs. It also provides matching engine, CRM and back office connectivity through FIX API, GUI and mobile interfaces. 11B technology provides post-trade and third-party systems integrations with matching engines located in Equinix data centers in London and New York (LD4 and NY4).
24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. The company’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 24 Exchange Bermuda Limited is regulated by the Bermuda Monetary Authority for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.