A company that has applied for a digital asset business license in Bermuda has won a pitch competition at the Bitcoin 2021 conference in Miami.

24 Exchange Bermuda Ltd said it was selected as one of 12 finalists from more than 140 applicants as a showcase for the next generation of Bitcoin start-ups.

In line with its groundbreaking FX NDF offering, 24 Exchange said it is planning to launch institutional crypto trading with crypto NDFs, another industry first.

Dmitri Galinov, chief executive officer of 24 Exchange, made the 10-minute pitch on Friday to judges Kevin O'Leary, of the ABC television programme Shark Tank and chairman of O'Shares Investment Advisors; David Lee, head of Samsung Next and executive vice-president of Samsung; Christopher Calicott, managing director, Trammell Venture Partners; Matt Roszak, founding partner, Tally Capital; and Tyler Evans, CTO, BTC Inc.

Mr Galinov said: "It is a big honour to win the Pitch Day competition at the Bitcoin 2021 Miami event. The 24X team is absolutely thrilled with the win and looking forward to deliver more amazing products to its clients."

The company said it is not currently licensed by the Bermuda Monetary Authority to conduct regulated activities, but is undergoing the BMA application process for a digital asset business license in accordance with the Digital Asset Business Act 2018.

24 Exchange said it is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. It said its mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day.

Some 12,000 attendees converged on Miami for Bitcoin 2021, billed as the largest bitcoin conference in history. The two-day event wrapped up on Saturday.