24 Exchange (Bermuda) Ltd has partnered with The Foreign Exchange Clearing House of Hong Kong to offer a clearing and settlement option to crypto cash institutional market participants.

The service, available to all 24 Exchange members, provides the first clear demarcation between trade execution, margin/risk management and settlement for the crypto asset class, the Hong Kong-based company said.

FXCH Ltd operates a real time netted clearing house model for institutions who trade digital assets on multiple exchanges and OTC venues.

The market utility works on the principle of managing collateralised multi-counterparty risk, culminating in one net settlement at the end of every trading day.

Users are afforded x3 leverage and real time cross-asset and cross-venue netting of positions, without the requirement to transfer assets prior to settlement, and therefore greatly reducing both systemic risks and cost of capital.

Dmitri Galinov, 24 Exchange CEO and founder, said: “We are pleased to join with The Foreign Exchange Clearing House to help our institutional clients manage settlements of their crypto currency trades on our robust platform.

“Through this partnership, sophisticated institutional market participants around the world who trade crypto assets on 24 Exchange can access fast, low-cost clearing and settlements with the highest levels of confidence, security and efficiency.”

FXCH is a start-up based in Hong Kong, with representation in London, Dublin, Cape Town, Vancouver and Istanbul.