Crossover’s crypto ECN executed over $3 billion in Q1 2024

Rick Steves

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). 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’s CROSSx has executed 415,450 trades worth a notional trading volume of $3,153,752,406 in Q1 2024, the crypto ECN reported.

The firm further announced that the digital asset platform’s Q1 execution times, using industry-standard measurements, were:

  • Order to acki – 75% below 7μsec and 99% below 10μsec
  • Order to feedii – 75% below 8μsec and 99% below 11μsec

Focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets, Crossover Markets launched CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN).  Crossover’s crypto ECN has grown in reputation for its matching engine and advanced order logic. Since its launch in early 2023, Crossover has onboarded several leading brokerage firms, including Exness, Pepperstone, TMGM, GCEX, Ouinex, Hidden Road, and Tradu.

“Roughly 10% of all trades executed on CROSSx are OXO”

Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, said: “After several quarters of consistent growth, we are thrilled to report CROSSx data that reveals we are the fastest venue and among the fastest-growing institutional venues in the digital world. Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). 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.”

Anthony Mazzarese, Co-Founder and Chief Commercial Officer at Crossover, added: “CROSSx’s hybrid ECN model allows quote-driven OTC market makers to stream liquidity into our order book alongside makers and takers who are posting both passive and aggressive orders for OXO matching. Supporting both quote-driven and order-to-order matching on a single venue, in a single trading session, is unique in the market, and enables takers to interact with market makers’ quotes or cross with another taker while trading inside makers’ spreads, ultimately achieving the best possible price.”

“This pricing power is driving more trading activity, and the top three types of participants on the platform to date are institutions running electronic trading strategies, market makers looking to hedge their inventory and retail brokers. Clients can choose whether they would like to interact with quote-driven or firm liquidity – or both – while makers have the ability to customize different price streams for different trading strategies. All of this is offered to CROSSx participants within single-digit microsecond matching times, making us the fastest crypto venue in the market.”

Crossover partnered with Cboe and expanded into NY4

Crossover Markets recently joined forces with Cboe Digital to offer a U.S.-regulated clearing solution for trades across multiple digital asset execution platforms. Crossover’s CROSSx became the first external technology venue to provide connectivity to Cboe Digital.

To complement this relationship with a US-based clearing broker, Crossover expanded its data center footprint to Equinix’s NY4, adding to its existing presence in Equinix’s LD4 for international counterparties.

Crossover avoids conflicts of interest by decoupling trade execution from custody and brokerage, giving institutions the ability to freely choose their own credit counterparties. The execution-only trading venue provider does not hold client funds, directly handle assets or carry counterparty risk.

The firm’s seed investment round was funded by a consortium of leading market participants in both traditional finance and digital assets that include Exness Ltd., Flow Traders, Gate.io, GMO Internet Group, Nomura’s Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma, and Wintermute Ventures.

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