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Steve Cohen-backed startup bets on 24-hour trading so investors can react instantly to tweets


Steven A. Cohen

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Billionaire hedge fund and NY Mets owner Steve Cohen has invested in a crypto startup that aims to launch a stock exchange with 24-hour trading.

Cohen’s Point72 Ventures is leading a $14 million funding round for 24 Exchange, a Bermuda-based crypto and forex trading platform that wants to bring the world’s non-stop trading to life. cryptocurrency to the stock market.

“Also crypto traders started trading more stocks because of the GameStop movement and overall retail industry engagement [has] Dmitri Galinov, founder and CEO of 24 Exchange, said.

Trading sessions on the US stock market begin at 9:30 a.m. ET and end at 4 p.m. weekdays, and extended trading allows investors to trade as early as 4 a.m. and no later than 8pm. can sometimes lead to wild price swings.

A record number of new, younger traders have entered the market during the coronavirus pandemic to fuel a terrifying rally in equities. The retail craze reached its peak when a group of so-called meme stocks included GameStop and AMC spiked in a massive debt squeeze earlier this year. Online brokerages such as Robinhood, Fidelity and Charles Schwab have all experienced rapid growth over the past year.

24 Exchange also sees strong demand for 24-hour trading from foreign investors.

“Overseas exchanges started listing US stocks and trading outside US business hours,” Galinov said. “We are very clear that foreign investors are very excited about Apple, Tesla and other big American companies.”

The company has filed a draft application with the US Securities and Exchange Commission for approval of the 24-hour trading. Galinov said he expects a decision in the summer of 2022.

“We are integrating vertically. We are forwarding retail customers directly to the exchange, bypassing the broker. We are combining all these asset classes into one selling system. wholesalers will open up to retail and they can benefit from low prices,” Galinov said.

In the longer term, the company is eyeing the securitization of various digital assets that are not currently covered by the SEC, including cryptocurrencies and non-fungible assets, or NFTs.

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