Steve Cohen-backed exchange drops spot crypto trading due to lack of demand
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.
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Author: Frank Chaparro
