Crypto changed the paradigm of nonstop trading. Now, Wall Street wants in on it too.
What’s happening:
- Stock exchange startup 24 Exchange has been officially granted approval from the United States Securities and Exchange Commission to become the first ever around-the-clock stock exchange in North America
Why it matters:
- Legendary Wall Street investor and billionaire Steve Cohen’s Point72 Ventures were early investors into 24 Exchange, as well as prominent digital asset venture capital fund Morgan Creek Digital
- There has become more and more excitement about bringing innovation to traditional stock markets lately, which has led to the formation of a new Texas based stock exchange that is backed by BlackRock and Citadel and legendary investors like Bill Ackman making strategic bets on the Tel Aviv Stock Exchange
By the numbers:
- The initial approval for 24 Exchange will allow for active trading 23 hours a day, with 1 hour a day for software upgrades and technology testing
- Since inception, 24 Exchange has raised approximately $21M USD in venture capital funding
Going deeper:
- Robinhood (NASDAQ: HOOD) has also been an early mover on extended trading hours, however so far they have only launched after hours trading on select stocks and ETFs
