Two former Jefferies executives started Crossover Markets Group last year. On Tuesday, they announced the launch of CROSSx, a platform where people can buy and sell digital currencies without the help of a broker.
Crossover Markets recently launched after receiving seed investment from a group of people in traditional finance, including Exness, Pepperstone, Think Markets, TMGM, Flow Traders, Gate.io, GMO Internet Group, Nomura’s Laser Digital, Two Sigma, and Wintermute Ventures. The amount of money invested was not revealed.
Crossover’s CEO, Brandon Mulvihill, said:
We are delighted with the financial backing of global industry leaders in retail brokerage, market making, quantitive trading, banking, and crypto-native firms. Our consortium partners share our vision and have paved the way to create scale and opportunities for other industry participants to join our platform and participate in future rounds
CROSSx is a product created for the quickly expanding cryptocurrency market. It promises to reduce trading expenses, improve the quality of trading and give more information about the market.
It also lets institutions pick their own credit partners, which helps them keep trading separate from custody and brokerage, and avoids any conflict of interest.
CROSSx’s matching engine has a rapid response time and can process millions of messages each second, allowing for faster pricing and trading. It also includes customizable liquidity features that let clients create dark and lit pools, plus the option to trade anonymously, openly, or partly anonymously with one-to-one, one-to-many, and many-to-many connections.
The Chief Customer Officer at Exness, Damian Bunce, said:
The CROSSx ECN applies a tried-and-tested Tradfi liquidity model to the digital assets industry. As a major liquidity provider of crypto assets, we wanted to be an early investor in the project and team
Read more: Signature Bank Sells Assets to NY Community Bancorp Excludes Crypto (brokerstimes.com)
