Steve Cohen-backed exchange drops spot crypto trading due to lack of demand: Bloomberg

By Frank Chaparro • Edited by Tim Copeland
Business•June 23, 2023, 5:36AM EDT
UPDATED: June 23, 2023, 5:49AM EDT
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Steve Cohen-backed exchange drops spot crypto trading due to lack of demand: Bloomberg

Quick Take

  • 24 Exchange, which is backed by New York Mets owner Steve Cohen, will shut its spot crypto offering. 
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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.