Updated: 21.03.2026
On March 14, the 24 Exchange cryptocurrency exchange announced the successful processing of the first transaction for the sale of non-deliverable forward (NDF) on Bitcoin or Ethereum (ETH).
Three parties participated in the forward transaction concluded in February 2022:
- International financial broker ED&F Man Capital Markets;
- XBTO trading platform;
- Trading services provider QCP Capital.
XBTO supports innovative platforms and products created in the digital ecosystem. NDF will play the role of an important product that will provide traditional financial institutions with entry into the crypto market and increase the number of users of virtual currencies.
We were pleased to leverage our infrastructure and expertise to serve as a liquidity partner and counterparty to NDF’s first trading operation,” said XBTO Chief Strategy Officer Nicholas Genekisi.
Representatives of 24 Exchange noted that the world’s largest market maker Jane Street Capital, whose capital is estimated at more than $17 trillion, will be among the users of the platform for selling cryptocurrency NDF. In this case, the volume of derivatives trading may increase significantly.
The first forward transaction on the crypto market was carried out by B2C2 and QCP Capital in November 2021. The non-deliverable contract implied the purchase of bitcoins at a price corresponding to the CME CF base rate Bitcoin Reference Rate.
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