A Steve Cohen-backed exchange launched to offer 24-hour stock trading is shutting down its spot crypto offering due to a lack of demand, Bloomberg News reported.
Launched in 2018, 24 Exchange raised $14 million in 2021. New York Mets owner Steve Cohen's Point72 Ventures led the round for the Bermuda-based company, which attempted to secure a license from the US Securities and Exchange Commission to trade equities 24/7.
The firm plans to reapply with the SEC at the end of the summer, according to Bloomberg.
As for crypto, the firm will continue to offer trading in crypto-tied non-deliverable forwards, but a decline in demand in the wake of the meltdown of crypto exchange FTX has pushed it out of spot.
© 2023 The Block Crypto, Inc. All Rights Reserved. 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.
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June 23, 2023 at 04:36PM
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Steve Cohen-backed exchange drops spot crypto trading due to lack of demand: Bloomberg - The Block - Crypto News
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