24X Bermuda Limited said it completed its second consecutive institutional spot-cryptocurrency client trade on October 19, executing a Bitcoin transaction on its multi-asset trading platform. Standard Chartered acted as liquidity taker and Wintermute provided the liquidity, according to the company’s announcement.
The trade puts Standard Chartered back on 24X for a second spot-Bitcoin execution, while changing the liquidity provider from Cumberland DRW, which participated in the venue’s first disclosed spot-crypto transaction in September. It offers an early, limited indication of how 24X is bringing different liquidity firms into its institutional crypto offering.
Neither the 24X announcement nor the independently reported account disclosed the trade’s size, execution price or settlement terms. The available information therefore establishes the participants and their stated roles, rather than the transaction’s market impact.
Standard Chartered and Wintermute execute 24X’s second Bitcoin spot trade
24X described the October 19 deal as its second consecutive institutional spot-cryptocurrency client trade and said Bitcoin was the asset traded. Trade publication TradeInformer separately confirmed that it was the platform’s second spot-crypto trade, identifying Standard Chartered as liquidity taker and Wintermute as liquidity provider.
The role split matters because it distinguishes the institution accessing liquidity from the firm supplying it. In this instance, 24X said the trade was carried out under its strategic partnership with Standard Chartered, placing the bank in the taker role for the second reported execution.
Wintermute’s involvement is the new feature of the transaction: the company was named as the liquidity provider for the Bitcoin trade, while 24X did not provide further details on the pricing process, order size or whether additional firms participated.
The announcement describes a completed spot transaction—not a forecast or prospective trading activity—and provides insufficient information to compare the execution with trading on other institutional crypto venues.
Wintermute replaces Cumberland DRW on the follow-on trade
24X’s first disclosed Bitcoin spot-crypto trade was completed on September 1. In that transaction, Standard Chartered was also the liquidity taker, while Cumberland DRW served as liquidity provider, according to a September release issued through PR Newswire.
The comparison makes the October execution more than simply a second trade. Standard Chartered’s repeated participation provides continuity between the two disclosures, whereas the switch from Cumberland DRW to Wintermute shows that the provider side was not fixed across the first two reported transactions.
That is still a small sample. Two disclosed trades cannot establish the scale, regularity or breadth of liquidity available on the platform, and 24X has not provided volume data for either execution. But the sequence records two separate Bitcoin spot transactions with the same liquidity taker and different named providers.
For 24X, the chronology is particularly relevant because both trades were presented as institutional client activity. The company’s public disclosures so far identify the participants in each execution, but do not specify the client identity beyond the named firms and their trading roles.
24X places crypto spot within its Bermuda-regulated FX infrastructure
24X has publicly identified two institutional Bitcoin spot trades. The September 1 transaction involved Cumberland DRW as liquidity provider and Standard Chartered as liquidity taker; in the October 19 transaction, Wintermute provided liquidity and Standard Chartered again took liquidity.
Separately, 24X said its cryptocurrency activity is regulated by the Bermuda Monetary Authority. It also said its multi-asset platform combines crypto spot and foreign-exchange trading infrastructure.
Those statements establish the operating context for the trades, while the company’s public disclosures do not provide further transaction-level detail about the October execution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: Crypto Daily