Amid more friendly crypto regulations in the US, Crossover
Markets, the crypto asset trading technology firm, is preparing to launch its
services for the US clients for the first time, the company announced in a post on X.
Founded in 2022 by foreign exchange veterans Brandon
Mulvihill, Anthony Mazzarese, and Vladislav Rysin, the London-based company has
so far focused its operations outside the US.
However, Trump’s return to the White House and his promises
to support the crypto sector through friendlier regulation have altered the
firm’s calculus. CEO Mulvihill said the team began laying the groundwork for a
US launch following Trump’s election victory.
U.S.-based institutions want to trade crypto, and they’ll soon be able to via our CROSSx ECN. Read the latest from @business‘s @sidcoins on our plans to expand into the market. https://t.co/J5fdY7YCdv#digitalassets #crypto #ECN #institutionalinvesting pic.twitter.com/AB9rknza3C
— Crossover Markets (@crossover_mkts) May 6, 2025
CROSSx Model Brings FX Infrastructure to Crypto
Crossover’s platform, CROSSx, mirrors the electronic
communication network (ECN) model popular in foreign exchange markets. The
setup offers anonymous execution, deep liquidity, and tight spreads, characteristics
often missing from retail-heavy crypto venues.
For institutional investors, the added appeal lies in
its separation of trade execution from custody, addressing counterparty risk
concerns that have dogged the industry since the collapse of several
centralized platforms.
The platform promises low-latency execution and
customizable liquidity pools, two features designed to appeal to professional
trading firms accustomed to fast, flexible environments.
Rising Volumes and Strong Institutional Appetite
The firm reported $13.5 billion in notional trading
volume last year and says momentum is accelerating, Bloomberg reported. In June 2024, Crossover raised $12 million in
a Series A round led by Illuminate Financial and DRW Venture Capital. That
infusion helped scale operations and prepare for market expansion.
Now, with institutional interest climbing, the firm is
reportedly considering a new fundraising round to meet demand. Crossover is not
alone in its pivot toward the US market.
Trump’s pro-industry posture has reignited interest
among global crypto firms that had previously avoided the country due to
regulatory hostility under the Biden administration and former SEC Chair Gary
Gensler.
“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO), “Mulvihill said. “Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”
Crossover Markets continues to expand its reach for the
cryptocurrency electronic communication network (ECN), CROSSx. Last year, the
company onboarded Talos, a provider of institutional technology for trading
digital assets.
GCEX Group also tapped CROSSx for an institutional-grade
electronic communication network to boost its offerings for professional
investors seeking access to deeper liquidity and tighter spreads in spot crypto
markets.
This article was written by Jared Kirui at www.financemagnates.com.
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