Crossover Markets Group, a digital asset trading technology firm focused on the liquidity requirements of institutions in the spot and derivative cryptocurrency markets, has launched CROSSx, an execution-only cryptocurrency Electronic Communication Network.Â
Crossover Markets Group (Crossover), a digital asset trading technology firm focused on the liquidity requirements of institutions in the spot and derivative cryptocurrency markets, has launched CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN).
CROSSx employs what Crossover says is one of the fastest crypto trading engines in the world, with sub-20 microsecond matching engine latency and throughput of millions of messages per second making it “many times faster” than typical crypto exchanges.
Crossover also avoids conflicts of interest by decoupling trade execution from custody and brokerage, giving institutions the ability to freely choose their own credit counterparties. As an execution-only trading venue provider, Crossover does not hold client funds, directly handle assets, or carry counterparty risk.
Crossover was founded by industry veterans from traditional finance. The firm’s chief executive officer Brandon Mulvihill and chief commercial officer Anthony Mazzarese most recently spearheaded the FX Prime Brokerage business at Jefferies, while chief technology officer Vlad Rysin brings significant experience in building and operating execution venues in equities and FX from his time at Euronext FX. Prior to that, he served as CTO of Credit Suisse FICC, and CTO of FastMatch.
