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

Companies • June 23, 2023, 5:36AM EDT
UPDATED: June 23, 2023, 5:49AM EDT
the block

Quick Take

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

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. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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. 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.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

Editor

To contact the editor of this story:
Tim Copeland at
[email protected]

More by Frank Chaparro